Michigan Laws 440.4608 – Applicability of article to certain funds transfer; inconsistency; “electronic fund transfer act” defined
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Terms Used In Michigan Laws 440.4608
- Funds transfer: means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. See Michigan Laws 440.4604
(1) Except as provided in subsection (2), this article does not apply to a funds transfer any part of which is governed by the electronic fund transfer act.
(2) This article applies to a funds transfer that is a remittance transfer as defined in 15 USC 1693o-1, unless the remittance transfer is an electronic fund transfer as defined in 15 USC 1693a.
(3) In a funds transfer to which this article applies, in the event of an inconsistency between an applicable provision of this article and an applicable provision of the electronic fund transfer act, the provision of the electronic fund transfer act governs to the extent of the inconsistency.
(4) As used in this section, “electronic fund transfer act” means the electronic fund transfer act, 15 USC 1693 to 1693r.