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Michigan Legislature
Michigan Compiled Laws Complete Through PA 48 of 2019
House: Adjourned until Tuesday, October 15, 2019 1:30:00 PM
Senate: Adjourned until Tuesday, October 15, 2019 10:00:00 AM


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Chapter 488 - ELECTRONIC FUNDS TRANSFERS
Act 322 of 1978 ‑ ELECTRONIC FUNDS TRANSFERS (488.1 - 488.31)
     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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