124.301 Definitions. Sec. 1. As used in this act: (a) “ACH arrangement” means the agreement between the originator of the ACH transaction and the receiver of the ACH transaction. (b) “ACH policy” means the procedures and internal controls as determined under a written policy developed and adopted by the treasurer or the electronic transactions officer […]
124.302 ACH arrangement; scope. Sec. 2. (1) The treasurer or the ETO of a local unit may enter into an ACH arrangement as provided by this act. (2) An ACH arrangement under this act is not subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821, or to provisions of law […]
124.303 ACH policy; contents. Sec. 3. A local unit shall not be a party to an ACH arrangement unless the governing body of the local unit has adopted a resolution to authorize electronic transactions and the treasurer or the ETO of the local unit has presented a written ACH policy to the governing body. The […]
124.304 Noncompliance; order limiting or suspending local unit’s authority. Sec. 4. After notice and hearing as provided under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, the department of treasury may issue an order limiting or suspending the authority of a local unit to make electronic transactions under this act […]
124.305 ACH arrangement; validity; compliance. Sec. 5. (1) This act does not affect the validity of an ACH arrangement entered into by a local unit before the effective date of this act. (2) All electronic transactions made on or after the effective date of this act shall comply with this act. History: 2002, Act 738, […]
