Michigan Compiled Laws
Chapter 488 - Electronic Funds Transfers

Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31)

Section 488.1 - Meaning of Words and Phrases. - Sec. 1. For the purposes of this act, the words...

Section 488.2 - Definitions; a to C. - Sec. 2. (1) "Available" means all deposit account functions that...

Section 488.3 - Definitions; C to E. - Sec. 3. (1) “Credit union” means a domestic credit union...

Section 488.4 - Definitions; F to M. - Sec. 4. (1) “Financial institution” means a bank, savings and...

Section 488.5 - Definitions; P to U. - Sec. 5. (1) “Person” means an individual, sole proprietorship, corporation,...

Section 488.6 - Terminals, Facilities, or Functions to Which Act Inapplicable. - Sec. 6. This act shall not be applicable to terminals,...

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. - Sec. 7. (1) This act shall not be construed or...

Section 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...

Section 488.9 - Funds Transfer Facility; Restrictions. - Sec. 9. A person may not establish, operate, or make...

Section 488.10 - Electronic Funds Transfer Terminals; Number; Availability; Transfer of Funds Into Deposit Acccount. - Sec. 10. (1) A financial institution may make available to...

Section 488.11 - Funds Transmission Facility; Establishment, Operation, or Availability; Exemption of Internal Computer System. - Sec. 11. (1) A person may establish, operate, or make...

Section 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...

Section 488.13 - Issuance of Card or Means of Access to Customer's Account; Requirements. - Sec. 13. A financial institution shall not issue to a...

Section 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...

Section 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; Repor... - Sec. 15. (1) If a customer notifies a financial institution...

Section 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...

Section 488.17 - Receipt Evidencing Electronic Fund Transfer; Time; Costs. - Sec. 17. An electronic fund transfer made by a customer...

Section 488.18 - Statement of Customer's Account; Frequency; Contents. - Sec. 18. A financial institution shall provide each customer with...

Section 488.19 - Written Agreement of Terms and Conditions Governing Account; Time; Contents. - Sec. 19. A customer of a financial institution whose account...

Section 488.20 - Options to Promote Security of Electronic Fund Transfers. - Sec. 20. In order to promote the security of electronic...

Section 488.21 - Civil Action for Violation; Liability. - Sec. 21. (1) A person may bring a civil action...

Section 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...

Section 488.23 - Restraining Trade or Engaging in Anticompetitive Practices. - Sec. 23. A person providing services of a funds transfer...

Section 488.24 - Unauthorized Transactions Prohibited. - Sec. 24. A funds transfer facility shall not be used...

Section 488.25 - Applicability of Antitrust Laws. - Sec. 25. This act shall not be construed or applied...

Section 488.26 - Application of State or Federal Statute to Credit or Deposit Account Relationships. - Sec. 26. In the application of any state or federal...

Section 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...

Section 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...

Section 488.29 - Wilful Violation as Misdemeanor; Penalty. - Sec. 29. A person who wilfully violates this act is...

Section 488.30 - Conditional Effective Date. - Sec. 30. This act shall not take effect unless House...

Section 488.31 - Effective Date. - Sec. 31. This act shall take effect January 1, 1979....