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2012 Michigan Compiled Laws
Chapter 488 — ELECTRONIC FUNDS TRANSFERS
Act 322 of 1978 — ELECTRONIC FUNDS TRANSFERS (488.1 - 488.31)
Section 488.4 — Definitions; F to M.

Universal Citation:
MI Comp L § 488.4 (2012 through Reg Sess)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

ELECTRONIC FUNDS TRANSFERS (EXCERPT)
Act 322 of 1978

488.4 Definitions; F to M.

Sec. 4.

(1) Financial institution means a bank, savings and loan association, consumer finance company, credit union, and includes a corporation wholly owned by a financial institution or by a holding company parent of any financial institution.

(2) Funds transfer facility means an electronic funds transfer terminal or a funds transmission facility.

(3) Funds transmission facility means all devices and equipment, regardless of where located, which are interconnected with an electronic funds transfer terminal and while they are being used to transmit electronic impulses to enable the terminal to perform deposit account functions.

(4) Merchant means a person primarily engaged in the retail sale of goods or services.


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


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