488.1 Meaning of words and phrases. Sec. 1. For the purposes of this act, the words and phrases defined in sections 2 to 5 have the meanings ascribed to them in those sections. History: 1978, Act 322, Eff. Jan. 1, 1979
488.10 Electronic funds transfer terminals; number; availability; transfer of funds into deposit acccount. Sec. 10. (1) A financial institution may make available to its customers 1 or more electronic funds transfer terminals anywhere in this state subject to this section and sections 12 to 28. (2) The electronic funds transfer terminals may be made available […]
488.11 Funds transmission facility; establishment, operation, or availability; exemption of internal computer system. Sec. 11. (1) A person may establish, operate, or make available a funds transmission facility anywhere in this state subject to this section and sections 12 to 28. (2) A funds transmission facility shall be available for use by any financial institution […]
488.12 Providing information about customer’s deposit account or customer’s transaction; furnishing credit information; verifications; liability for violation. Sec. 12. (1) To protect the privacy of customers using funds transfer services, a person providing services of a funds transfer facility and a financial institution providing services by means of a funds transfer facility, except as provided […]
488.13 Issuance of card or means of access to customer’s account; requirements. Sec. 13. A financial institution shall not issue to a customer a card or means of access to a customer’s account for the purpose of initiating an electronic fund transfer other than in response to a request or application therefor or as a […]
488.14 Liability for unauthorized use of account; proof; “customer negligence” defined; failure to notify depository financial institution of unauthorized use; reporting lost means of access or violation of security. Sec. 14. (1) A customer shall not be liable for an unauthorized use of his or her account through an electronic fund transfer unless the depository […]
488.15 Notification of electronic fund transfer error; investigation; report; notification requirements; requirements of report to customer; meaning of electronic fund transfer error; placing hold on funds in account; closing account; report; correction resulting in credit to account; crediting account with interest. Sec. 15. (1) If a customer notifies a financial institution orally or in writing […]
488.16 Reversal of electronic fund transfer and recrediting customer’s account; requirements; “normal business hours” defined. Sec. 16. (1) The financial institutions which are parties to an electronic fund transfer shall reverse an electronic fund transfer initiated by a customer to a third party in payment for goods or services and recredit the customer’s account for […]
488.17 Receipt evidencing electronic fund transfer; time; costs. Sec. 17. An electronic fund transfer made by a customer of a financial institution shall be evidenced by a receipt provided to the customer at the time of the electronic fund transfer. If a receipt cannot be provided at the time of the transfer it shall be […]
488.18 Statement of customer’s account; frequency; contents. Sec. 18. A financial institution shall provide each customer with a statement of the customer’s account accessible through an electronic funds transfer terminal. The statement shall be provided not less than once a month in which an electronic fund transfer occurs, or annually, whichever is more frequent. The […]
488.19 Written agreement of terms and conditions governing account; time; contents. Sec. 19. A customer of a financial institution whose account with the financial institution is accessible through a funds transfer facility shall be provided with a written agreement by the financial institution of the terms and conditions governing the account. The agreement shall be […]
488.2 Definitions; A to C. Sec. 2. (1) “Available” means all deposit account functions that are performed from time to time by the particular electronic funds transfer terminal. (2) “Bank” means that term as defined in section 1201 of the banking code of 1999, 1999 PA 276, MCL 487.11201, or a national banking association that […]
488.20 Options to promote security of electronic fund transfers. Sec. 20. In order to promote the security of electronic fund transfers, financial institutions shall make available to customers: (a) Options to limit the total amount of cash which can be withdrawn through the use of an electronic funds transfer terminal, from a customer’s account in […]
488.21 Civil action for violation; liability. Sec. 21. (1) A person may bring a civil action against a person violating section 13, 14, 15, 16, 17, 18, 19, or 20 in any court having jurisdiction. Upon adverse adjudication, the defendant shall be liable for actual damages or $1,000.00, whichever is greater. (2) If a violation […]
488.22 Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section. Sec. 22. The commissioner of the financial institutions bureau shall monitor and analyze developments within the field of electronic fund transfers and shall 1 year after the effective date of this act, submit a written report to the house […]
488.23 Restraining trade or engaging in anticompetitive practices. Sec. 23. A person providing services of a funds transfer facility and a financial institution using a funds transfer facility shall not contract, combine, conspire, or otherwise attempt to restrain trade in a market for services of funds transfer facilities or engage in anticompetitive practices to the […]
488.24 Unauthorized transactions prohibited. Sec. 24. A funds transfer facility shall not be used to facilitate or effect a transaction with a financial institution, which transaction the financial institution is not otherwise authorized by law to transact. History: 1978, Act 322, Eff. Jan. 1, 1979
488.25 Applicability of antitrust laws. Sec. 25. This act shall not be construed or applied to preclude the enforcement of, exempt from, or otherwise immunize a person subject to this act from the antitrust laws of this state or of the United States. History: 1978, Act 322, Eff. Jan. 1, 1979
488.26 Application of state or federal statute to credit or deposit account relationships. Sec. 26. In the application of any state or federal statute to credit or deposit account relationships, the transfer of funds by use of a funds transfer facility shall constitute only an additional means of effecting a payment, and this act shall […]
488.27 Unjust denial of access; unfairly discriminatory sharing requirements; arbitration; judgment; redress in circuit court. Sec. 27. A financial institution seeking to share a funds transfer facility pursuant to this act, and believing that it has been unjustly denied access or that the sharing requirements for its participation are unfairly discriminatory may seek a settlement […]
