2010 Michigan Compiled Laws
Chapter 488 - ELECTRONIC FUNDS TRANSFERS
Act 322 of 1978 - ELECTRONIC FUNDS TRANSFERS (488.1 - 488.31)

ELECTRONIC FUNDS TRANSFERS
Act 322 of 1978
AN ACT to authorize financial institutions to make electronic funds transfer terminals available to their customers; to protect the privacy and security of customers; to prohibit unfair discrimination among financial institutions and monopolistic practices in the use and availability of electronic funds transfer terminals; to prescribe remedies; and to prescribe penalties.

History: 1978, Act 322, Eff. Jan. 1, 1979

• 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; report; correction resulting in credit to account; crediting account with interest.
• 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.