HOUSE BILL No. 5244


     October 16, 2001, Introduced by Rep. Stallworth and referred to the Committee on Commerce.


        A bill to amend 1999 PA 276, entitled

   "Banking code of 1999,"

   (MCL 487.11101 to 487.15105) by adding section 4110.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           SEC. 4110.  (1) AS USED IN THIS SECTION:

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           (A) "ATM" MEANS AN ELECTRONIC DEVICE SITUATED IN MICHIGAN

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      OWNED, OPERATED, OR LEASED BY A BANK, OTHER THAN A TELEPHONE,

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      FACSIMILE MACHINE, OR PERSONAL COMPUTER OPERATED BY A CONSUMER,

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      THROUGH WHICH A CONSUMER INITIATES AN ELECTRONIC FUND TRANSFER.

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      THE TERM DOES NOT INCLUDE A POINT-OF-SALE TERMINAL USED EXCLU-

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      SIVELY TO PAY FOR A PURCHASE OF GOODS OR SERVICES BY TRANSFERRING

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      FUNDS ELECTRONICALLY FROM A CONSUMER'S CREDIT CARD ARRANGEMENT OR

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      DEPOSIT ACCOUNT AT A FINANCIAL INSTITUTION TO THE TERMINAL

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      PROVIDER'S ACCOUNT AT A FINANCIAL INSTITUTION OR A DEVICE LOCATED

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      ON THE PREMISES OF A CUSTOMER OF A FINANCIAL INSTITUTION WHICH IS


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      USED TO EXECUTE TRANSACTIONS ONLY BETWEEN THAT CUSTOMER AND THE

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      FINANCIAL INSTITUTION.

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           (B) "CONSUMER" MEANS AN INDIVIDUAL.

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           (C) "CREDIT CARD" MEANS A CARD OR DEVICE ISSUED UNDER A

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      CREDIT CARD ARRANGEMENT WHICH GIVES THE CARD HOLDER THE PRIVILEGE

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      OF OBTAINING LOANS FROM THE CARD ISSUER.

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           (D) "CREDIT CARD ARRANGEMENT" MEANS A LINE OF CREDIT ISSUED

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      BY A FINANCIAL INSTITUTION TO A CONSUMER, WHICH LINE OF CREDIT

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      MAY BE ACCESSED FOR THE PURPOSE OF OBTAINING A LOAN BY MEANS OF A

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      CREDIT CARD.

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           (E) "ELECTRONIC FUND TRANSFER" MEANS ANY TRANSACTION CON-

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      DUCTED BY A CONSUMER USING AN ATM THAT INSTRUCTS OR AUTHORIZES A

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      FINANCIAL INSTITUTION TO DEBIT OR CREDIT THE CONSUMER'S DEPOSIT

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      ACCOUNT OR CREDIT CARD ARRANGEMENT.

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           (F) "FINANCIAL INSTITUTION" MEANS A STATE OR NATIONAL

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      CHARTERED BANK OR A STATE OR FEDERAL CHARTERED SAVINGS AND LOAN

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      ASSOCIATION, SAVINGS BANK, OR CREDIT UNION.

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           (2) A BANK SHALL NOT ASSESS OR IMPOSE A FEE OR CHARGE

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      AGAINST A CONSUMER GREATER THAN $1.50 FOR AN ELECTRONIC FUND

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      TRANSFER.  THIS SUBSECTION DOES NOT APPLY IF THE BANK PROVIDES

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      THE CONSUMER A FREE CHECKING ACCOUNT.

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           (3) THIS SECTION DOES NOT LIMIT OR PROHIBIT THE ASSESSING OR

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      IMPOSING OF A FEE OR CHARGE BETWEEN FINANCIAL INSTITUTIONS FOR

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      ELECTRONIC FUND TRANSFERS.

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           (4) FOR EACH TRANSACTION INVOLVING AN ATM, THE CONSUMER

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      USING THE ATM SHALL BE GIVEN THE OPTION OF RECEIVING INFORMATION

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      INDICATING THE NATURE AND AMOUNTS INVOLVED IN THE TRANSACTION AND



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      THE RESULTING BALANCES OF THE ACCOUNTS AFFECTED BY THE

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      TRANSACTION.  THE CONSUMER SHALL ALSO BE GIVEN THE OPTION OF

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      RECEIVING THE INFORMATION EITHER ON A PRINTED STATEMENT PROVIDED

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      AT THE END OF THE ATM TRANSACTION OR DISPLAYED ON THE ATM SCREEN.
















































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