Section 488.26 – Application of State or Federal Statute to Credit or Deposit Account Relationships.
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 […]
Section 488.27 – Unjust Denial of Access; Unfairly Discriminatory Sharing Requirements; Arbitration; Judgment; Redress in Circuit Court.
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 […]
Section 488.28 – Violation Injurious to Business or Property; Action for Treble Damages, Costs, and Attorneys’ Fees.
488.28 Violation injurious to business or property; action for treble damages, costs, and attorneys’ fees. Sec. 28. A person who is injured in his or her business or property by another person who violates section 9, 10, 11, 23, or 24, may bring an action in any court having jurisdiction to recover treble damages, costs […]
Section 488.17 – Receipt Evidencing Electronic Fund Transfer; Time; Costs.
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 […]
Section 488.18 – Statement of Customer’s Account; Frequency; Contents.
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 […]
Section 488.9 – Funds Transfer Facility; Restrictions.
488.9 Funds transfer facility; restrictions. Sec. 9. A person may not establish, operate, or make available a funds transfer facility in this state, except as provided in this act. History: 1978, Act 322, Eff. Jan. 1, 1979
Section 488.10 – Electronic Funds Transfer Terminals; Number; Availability; Transfer of Funds Into Deposit Acccount.
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 […]
Section 488.11 – Funds Transmission Facility; Establishment, Operation, or Availability; Exemption of Internal Computer System.
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 […]
Section 488.12 – Providing Information About Customer’s Deposit Account or Customer’s Transaction; Furnishing Credit Information; Verifications; Liability for Violation.
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 […]
Section 488.13 – Issuance of Card or Means of Access to Customer’s Account; Requirements.
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 […]