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 service by all persons using the service competing in the same market area and may include a return on invested capital and an initial entry fee charged for the purpose of recovering noncapitalized development costs. The fees shall be negotiated on a fair and equitable basis between the parties who shall not conspire to set a fee with the purpose of destroying or preventing competition.
(3) “Savings and loan association” means an association established under Act No. 156 of the Public Acts of 1964, as amended, being sections 489.501 to 489.920 of the Michigan Compiled Laws, or a federal savings and loan association established under the laws of the United States having its main office in this state.
(4) “Unauthorized use” means either of the following:
(a) Any transaction not known to the customer and not effectuated with the express permission of the customer.
(b) Any transaction effectuated under physical duress.
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.