Michigan Laws 124.301 – Definitions
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As used in this act:
(a) “ACH arrangement” means the agreement between the originator of the ACH transaction and the receiver of the ACH transaction.
Terms Used In Michigan Laws 124.301
- ACH: means a national and governmental organization that has authority to process electronic payments, including, but not limited to, the national automated clearing house association and the federal reserve system. See Michigan Laws 124.301
- ACH transaction: means an electronic payment, debit, or credit transfer processed through an automated clearing house. See Michigan Laws 124.301
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Governing body: means any of the following:
(i) The council, commission, or other entity vested with the legislative power of a city or village. See Michigan Laws 124.301Local school district: means a school district organized under the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 124.301 Local unit: means any of the following:
(i) A village. See Michigan Laws 124.301person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Treasurer: means the elected treasurer in a township or county. See Michigan Laws 124.301
(b) “ACH policy” means the procedures and internal controls as determined under a written policy developed and adopted by the treasurer or the electronic transactions officer of a local unit under section 3.
(c) “ACH transaction” means an electronic payment, debit, or credit transfer processed through an automated clearing house.
(d) “Automated clearing house” or “ACH” means a national and governmental organization that has authority to process electronic payments, including, but not limited to, the national automated clearing house association and the federal reserve system.
(e) “Electronic transactions officer” or “ETO” means the person designated under this act by charter or by the governing body in a local unit other than a township or county.
(f) “Governing body” means any of the following:
(i) The council, commission, or other entity vested with the legislative power of a city or village.
(ii) The township board of a township.
(iii) The county board of commissioners of a county.
(iv) The board of county road commissioners of a county.
(v) The board of education of a local or intermediate school district.
(vi) The board of trustees of a community college district.
(vii) The official body to which is granted general governing powers over an authority or organization of government established under the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
(viii) A community mental health authority created under section 205 of the mental health code, 1974 PA 258, MCL 330.1205.
(g) “Local school district” means a school district organized under the revised school code, 1976 PA 451, MCL 380.1 to 380.1852, or a district governed by a special or local act.
(h) “Local unit” means any of the following:
(i) A village.
(ii) A city.
(iii) A township.
(iv) A county.
(v) A county road commission.
(vi) A local school district.
(vii) An intermediate school district.
(viii) A community college district.
(ix) An authority or organization of government established under the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.
(x) A community mental health authority created under section 205 of the mental health code, 1974 PA 258, MCL 330.1205.
(i) “Treasurer” means the elected treasurer in a township or county.