Michigan Laws 488.11 – Funds transmission facility; establishment, operation, or availability; exemption of internal computer system
Current as of: 2023 | Check for updates
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(1) A person may establish, operate, or make available a funds transmission facility anywhere in this state subject to this section and section 12 to 28.
(2) A funds transmission facility shall be available for use by any financial institution using the electronic funds transfer terminals which are interconnected with the funds transmission facilities on a nondiscriminatory basis upon request of a financial institution and agreement by the financial institution to pay reasonable fees.
Terms Used In Michigan Laws 488.11
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(3) This section shall not be construed to include a financial institution’s internal computer system when used for purposes other than as a funds transmission facility.