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 by the financial institution solely to its own customers if the terminals are located on the premises of its main office or approved branch. As used in this subsection, “approved branch” does not include electronic funds transfer terminals located at a place where the financial institution carries on no other substantial financial functions for its customers.
(3) Except as provided in subsection (2), an electronic funds transfer terminal shall not be available to the customers of a financial institution unless it is available for use by the customers of any financial institution on a basis which is not unfairly discriminatory upon request of a financial institution and agreement by the financial institution to pay reasonable fees.
(4) Unless the participating financial institution agrees otherwise, an electronic funds transfer terminal shall not be used to transfer funds directly or indirectly from a customer's deposit account in that financial institution into a deposit account of that customer in another financial institution, except that the function of receiving for deposit in a financial institution of an item that is payable by another financial institution shall not constitute a transfer of funds, under this subsection if the item is received for collection rather than immediate payment.
History: 1978, Act 322, Eff. Jan. 1, 1979
Structure 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.
Section 488.2 - Definitions; a to C.
Section 488.3 - Definitions; C to E.
Section 488.4 - Definitions; F to M.
Section 488.5 - Definitions; P to U.
Section 488.6 - Terminals, Facilities, or Functions to Which Act Inapplicable.
Section 488.9 - Funds Transfer Facility; Restrictions.
Section 488.13 - Issuance of Card or Means of Access to Customer's Account; Requirements.
Section 488.17 - Receipt Evidencing Electronic Fund Transfer; Time; Costs.
Section 488.18 - Statement of Customer's Account; Frequency; Contents.
Section 488.19 - Written Agreement of Terms and Conditions Governing Account; Time; Contents.
Section 488.20 - Options to Promote Security of Electronic Fund Transfers.
Section 488.21 - Civil Action for Violation; Liability.
Section 488.23 - Restraining Trade or Engaging in Anticompetitive Practices.
Section 488.24 - Unauthorized Transactions Prohibited.
Section 488.25 - Applicability of Antitrust Laws.
Section 488.26 - Application of State or Federal Statute to Credit or Deposit Account Relationships.
Section 488.29 - Wilful Violation as Misdemeanor; Penalty.