MCL - 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
| Document | Type | Description |
|---|---|---|
| Section 488.1 | Section | Meaning of words and phrases. |
| Section 488.2 | Section | Definitions; A to C. |
| Section 488.3 | Section | Definitions; C to E. |
| Section 488.4 | Section | Definitions; F to M. |
| Section 488.5 | Section | Definitions; P to U. |
| Section 488.6 | Section | Terminals, facilities, or functions to which act inapplicable. |
| Section 488.7 | Section | 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 | Section | Funds transfer facility; reliable service; protection of privacy; safety and soundness of funds; compliance with antitrust laws. |
| Section 488.9 | Section | Funds transfer facility; restrictions. |
| Section 488.10 | Section | Electronic funds transfer terminals; number; availability; transfer of funds into deposit acccount. |
| Section 488.11 | Section | Funds transmission facility; establishment, operation, or availability; exemption of internal computer system. |
| Section 488.12 | Section | Providing information about customer's deposit account or customer's transaction; furnishing credit information; verifications; liability for violation. |
| Section 488.13 | Section | Issuance of card or means of access to customer's account; requirements. |
| Section 488.14 | Section | 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 | Section | 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 | Section | Reversal of electronic fund transfer and recrediting customer's account; requirements; “normal business hours” defined. |
| Section 488.17 | Section | Receipt evidencing electronic fund transfer; time; costs. |
| Section 488.18 | Section | Statement of customer's account; frequency; contents. |
| Section 488.19 | Section | Written agreement of terms and conditions governing account; time; contents. |
| Section 488.20 | Section | Options to promote security of electronic fund transfers. |
| Section 488.21 | Section | Civil action for violation; liability. |
| Section 488.22 | Section | Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section. |
| Section 488.23 | Section | Restraining trade or engaging in anticompetitive practices. |
| Section 488.24 | Section | Unauthorized transactions prohibited. |
| Section 488.25 | Section | Applicability of antitrust laws. |
| Section 488.26 | Section | Application of state or federal statute to credit or deposit account relationships. |
| Section 488.27 | Section | Unjust denial of access; unfairly discriminatory sharing requirements; arbitration; judgment; redress in circuit court. |
| Section 488.28 | Section | Violation injurious to business or property; action for treble damages, costs, and attorneys' fees. |
| Section 488.29 | Section | Wilful violation as misdemeanor; penalty. |
| Section 488.30 | Section | Conditional effective date. |
| Section 488.31 | Section | Effective date. |