Michigan Compiled Laws
Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31)
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 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 renewal of, or in substitution for, an accepted card or means of access, whether issued by the initial issuer or a successor, except that a financial institution may distribute unsolicited cards or means of access only to its own customers and only if all of the following occur:
(a) The card or means of access does not have credit features, except overdraft privileges on deposit accounts.
(b) The distribution is accompanied by a full disclosure of the customer's rights and liabilities and a written agreement to sign to indicate the customer's acceptance of the card or other means of access.
(c) The card or other means of access is not capable of being used until additional information is furnished by the issuer after receipt of the customer's written agreement.
History: 1978, Act 322, Eff. Jan. 1, 1979

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Structure Michigan Compiled Laws

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 488.7 - 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.

Section 488.8 - Funds Transfer Facility; Reliable Service; Protection of Privacy; Safety and Soundness of Funds; Compliance With Antitrust Laws.

Section 488.9 - Funds Transfer Facility; Restrictions.

Section 488.10 - Electronic Funds Transfer Terminals; Number; Availability; Transfer of Funds Into Deposit Acccount.

Section 488.11 - Funds Transmission Facility; Establishment, Operation, or Availability; Exemption of Internal Computer System.

Section 488.12 - Providing Information About Customer's Deposit Account or Customer's Transaction; Furnishing Credit Information; Verifications; Liability for Violation.

Section 488.13 - Issuance of Card or Means of Access to Customer's Account; Requirements.

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.

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...

Section 488.16 - Reversal of Electronic Fund Transfer and Recrediting Customer's Account; Requirements; “Normal Business Hours” Defined.

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 488.22 - Monitoring and Analyzing Developments Within Field of Electronic Fund Transfers; Report; Effecting Provisions of Section.

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 488.27 - Unjust Denial of Access; Unfairly Discriminatory Sharing Requirements; Arbitration; Judgment; Redress in Circuit Court.

Section 488.28 - Violation Injurious to Business or Property; Action for Treble Damages, Costs, and Attorneys' Fees.

Section 488.29 - Wilful Violation as Misdemeanor; Penalty.

Section 488.30 - Conditional Effective Date.

Section 488.31 - Effective Date.