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Michigan Compiled Laws Complete Through PA 137 of 2018
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Act 322 of 1978
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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


© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 488.1SectionMeaning of words and phrases.
Section 488.2SectionDefinitions; A to C.
Section 488.3SectionDefinitions; C to E.
Section 488.4SectionDefinitions; F to M.
Section 488.5SectionDefinitions; P to U.
Section 488.6SectionTerminals, facilities, or functions to which act inapplicable.
Section 488.7SectionFunds 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 488.8SectionFunds transfer facility; reliable service; protection of privacy; safety and soundness of funds; compliance with antitrust laws.
Section 488.9SectionFunds transfer facility; restrictions.
Section 488.10SectionElectronic funds transfer terminals; number; availability; transfer of funds into deposit acccount.
Section 488.11SectionFunds transmission facility; establishment, operation, or availability; exemption of internal computer system.
Section 488.12SectionProviding information about customer's deposit account or customer's transaction; furnishing credit information; verifications; liability for violation.
Section 488.13SectionIssuance of card or means of access to customer's account; requirements.
Section 488.14SectionLiability 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 488.15SectionNotification 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 488.16SectionReversal of electronic fund transfer and recrediting customer's account; requirements; “normal business hours” defined.
Section 488.17SectionReceipt evidencing electronic fund transfer; time; costs.
Section 488.18SectionStatement of customer's account; frequency; contents.
Section 488.19SectionWritten agreement of terms and conditions governing account; time; contents.
Section 488.20SectionOptions to promote security of electronic fund transfers.
Section 488.21SectionCivil action for violation; liability.
Section 488.22SectionMonitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section.
Section 488.23SectionRestraining trade or engaging in anticompetitive practices.
Section 488.24SectionUnauthorized transactions prohibited.
Section 488.25SectionApplicability of antitrust laws.
Section 488.26SectionApplication of state or federal statute to credit or deposit account relationships.
Section 488.27SectionUnjust denial of access; unfairly discriminatory sharing requirements; arbitration; judgment; redress in circuit court.
Section 488.28SectionViolation injurious to business or property; action for treble damages, costs, and attorneys' fees.
Section 488.29SectionWilful violation as misdemeanor; penalty.
Section 488.30SectionConditional effective date.
Section 488.31SectionEffective date.
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