Sec. 7.
(1) This act shall not be construed or interpreted to prevent a merchant from establishing, owning, or operating 1 or more funds transfer facilities located on its own premises. If a merchant establishes, owns, or operates a funds transfer facility on the merchant's premises and allows access to the facility by a financial institution, group of financial institutions, or their customers for a function or service, this act shall not be construed or interpreted to require the merchant to accept an access or connection to or use of the facility on its premises for any other function, service, or purpose.
(2) This act shall not be construed or interpreted to require a merchant to accept an access or connection to or use of a funds transfer facility on the merchant's premises for a function, service, or purpose that does not access a deposit account of a customer of a financial institution or group of financial institutions.
(3) If a merchant establishes, owns, or operates a funds transfer facility on the merchant's premises and allows access or connection to or use of the facility by a financial institution, group of financial institutions, or their customers for any purpose, service, or function, this act or a law governing the financial institution shall not apply to the merchant other than those sections of this act, other law, or rules directly related to the particular function or service performed by the facility on the merchant's premises for a financial institution or group of financial institutions.
(4) An agreement between a merchant and a financial institution or group of financial institutions for the use of a funds transfer facility shall provide for commercially reasonable fees. The fees shall be negotiated on a fair and equitable basis between each party and the parties shall not conspire to set a fee with the purpose of destroying or preventing competition.
(5) A merchant shall be allowed access to essential funds transfer facilities on a fair and equitable basis that is not unfairly discriminatory and upon an agreement to pay commercially reasonable fees. Fees shall be negotiated on a fair and equitable basis between each party and the parties shall not conspire to set a fee with the purpose of destroying or preventing competition. For the purposes of this section, it shall not be necessary to do any of the following:
(a) Unreasonably add additional facilities, if existing facilities have reached their effective capacity.
(b) Have equal transaction fees.
(c) Have equal initial entry fees.
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.