2006 Michigan Compiled Laws - Act 322 of 1978

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

The People of the State of Michigan enact:

Document	Description
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.

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