May 15, 2003, Introduced by Reps. Bisbee, McConico, Palsrok, DeRoche, Tobocman, Elkins, Sak, Gieleghem, Vagnozzi, Minore, Gillard, Brandenburg, Law, Spade, Rivet, Koetje, Amos, Pappageorge, Stahl, Byrum, Gleason and Stewart and referred to the Committee on Commerce.
A bill to amend 1978 PA 322, entitled
"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,"
by amending sections 2 and 3 (MCL 488.2 and 488.3).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 2. (1) "Available" means and includes all deposit
2 account functions which are performed from time to time by the
3 particular electronic funds transfer terminal.
4 (2) "Bank"
means a state banking corporation established
5 under Act No. 319 of
the Public Acts of 1969, as amended, being
6 sections 487.301 to
487.598 of the Michigan Compiled Laws, that
7 term as defined in section 1201 of the banking code of 1999, 1999
8 PA 276, MCL 487.11201, or a national banking association
1 established under the laws of the United States having its main
2 office in this state.
3 (3) "Branch", as it applies to:
4 (a) A state credit
union, includes means a branch as
5 defined in section 102 of the credit union act and a service
6 center as defined in
section 1a of Act No. 285 of the Public
7 Acts of 1925, being
section 490.1a of the Michigan Compiled Laws
8 103 of the credit union act.
9 (b) A federal credit union, means a branch place of business
10 as defined in section 101 of the federal credit union act,
11 chapter 750, 48 Stat. 1216, 12 U.S.C. 1752, and applicable
12 regulations.
13 (c) A state savings and loan association, means a branch
14 office as defined in
section 115 of Act No. 156 of the Public
15 Acts of 1964, being
section 489.515 of the Michigan Compiled
16 Laws 112 of the savings and loan act of 1980, 1980 PA
307,
17 MCL 491.112, and also includes an agency as defined in section
18 111 of Act No. 156 of
the Public Acts of 1964, being section
19 489.511 of the
Michigan Compiled Laws 106 of the
savings and
20 loan act of 1980, 1980 PA 307, MCL 491.106, that is established
21 before the effective date of this act.
22 (d) A federal savings and loan association, means a branch
23 office as defined by the regulations of the federal home loan
24 bank board pursuant to
the federal home loan bank act, 12
25 U.S.C. 1421 to 1449 chapter 522, 47 Stat. 725, but does not
26 include a mobile facility, satellite office, or an agency
27 established after the effective date of this act.
1 (e) A state bank,
means a branch place of business as
2 defined in section 5
of Act No. 319 of the Public Acts of 1969,
3 being section 487.305
of the Michigan Compiled Laws 1201
of the
4 banking code of 1999, 1999 PA 276, MCL 487.11201.
5 (f) A national banking association, means a branch place of
6 business as defined in 12 U.S.C. 36.
7 (4) "Consumer
finance company" means a licensee under Act
8 No. 21 of the Public
Acts of 1939, as amended, being sections
9 493.1 to 493.26 of the
Michigan Compiled Laws the
regulatory
10 loan act, 1939 PA 21, MCL 493.1 to 493.24.
11 Sec. 3. (1) "Credit union" means a domestic credit union
12 established under Act
No. 285 of the Public Acts of 1925, as
13 amended, being
sections 490.1 to 490.31 of the Michigan Compiled
14 Laws as that term is defined in section 102 of the
credit union
15 act, or a federal credit union established under the laws of the
16 United States having its main office in this state.
17 (2) "Customer" means a person, but does not include a
18 financial institution or a financial institution holding
19 company.
20 (3) "Deposit account" includes share, deposit, member, and
21 savings accounts of financial institutions.
22 (4) "Electronic
fund transfer" is any transaction , the
23 effectuation of which
is dependent that depends
upon a an
24 electronic funds transfer terminal to complete.
25 (5) "Electronic funds transfer terminal" means an
26 information processing device used for the purpose of executing
27 deposit account transactions between financial institutions and
1 their customers by either the direct transmission of electronic
2 impulses or the recording of electronic impulses for delayed
3 processing. The fact
that a A device is used for other
4 purposes does not
prevent it from being may be an electronic
5 funds transfer terminal,
but a terminal shall not be considered
6 to be is not an electronic funds transfer terminal
while being
7 used for those other purposes. Electronic funds transfer
8 terminal does not include a device at the time it is used to
9 perform the functions of check guaranty, check authorization, or
10 credit card programs, or a combination of any of those programs,
11 and does not include a device located on the premises of a
12 customer of a financial
institution which that is used to
13 execute transactions only between that customer and the financial
14 institution.
15 Enacting section 1. This amendatory act does not take
16 effect unless Senate Bill No. _____ or House Bill No. 4694
17 (request no. 00398'03) of the 92nd Legislature is enacted into
18 law.