Section 488.16 – Reversal of Electronic Fund Transfer and Recrediting Customer’s Account; Requirements; “Normal Business Hours” Defined.
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 […]
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 488.5 – Definitions; P to U.
488.5 Definitions; P to U. Sec. 5. (1) “Person” means an individual, sole proprietorship, corporation, partnership, association, joint stock company, trust, or unincorporated organization. (2) “Reasonable fees” means transaction, rental, or other periodic charges which are directly related to the cost of furnishing a particular service, and which are proportionate to actual usage of the […]
Section 488.6 – Terminals, Facilities, or Functions to Which Act Inapplicable.
488.6 Terminals, facilities, or functions to which act inapplicable. Sec. 6. This act shall not be applicable to terminals, facilities, or functions which are subject to regulation by the Michigan public service commission or which are available for direct use only by financial institutions and not by the public generally. History: 1978, Act 322, Eff. […]
Section 488.7 – Funds Transfer Facility on Merchant’s Premises; Establishment, Ownership, or Operation; Access To, Connection To, or Use of Facility; Reasonable Fees; Nondiscrimination; Additional Facilities; Equality of Fees.
488.7 Funds transfer facility on merchant’s premises; establishment, ownership, or operation; access to, connection to, or use of facility; reasonable fees; nondiscrimination; additional facilities; equality of fees. Sec. 7. (1) This act shall not be construed or interpreted to prevent a merchant from establishing, owning, or operating 1 or more funds transfer facilities located on […]
Section 488.8 – Funds Transfer Facility; Reliable Service; Protection of Privacy; Safety and Soundness of Funds; Compliance With Antitrust Laws.
488.8 Funds transfer facility; reliable service; protection of privacy; safety and soundness of funds; compliance with antitrust laws. Sec. 8. (1) A funds transfer facility shall provide reliable service to the person with protection of privacy of personal financial information. (2) A funds transfer facility shall not impair the safety and soundness of a person’s […]
Section 488.1 – Meaning of Words and Phrases.
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
Section 488.2 – Definitions; a to C.
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 […]
Section 488.3 – Definitions; C to E.
488.3 Definitions; C to E. Sec. 3. (1) “Credit union” means a domestic credit union as that term is defined in section 102 of the credit union act, or a federal credit union established under the laws of the United States having its main office in this state. (2) “Customer” means a person, but does […]