Michigan Laws 488.2 – Definitions; A to C
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Terms Used In Michigan Laws 488.2
- 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
- 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
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) “Available” means all deposit account functions that are performed from time to time by the particular electronic funds transfer terminal.
(2) “Bank” means that term as defined in section 1201 of the banking code of 1999, 1999 PA 276, MCL 487.11201, or a national banking association that is established under the laws of the United States and has its main office in this state.
(3) “Branch” means any of the following:
(a) For a state credit union, a branch as defined in section 102 of the credit union act, 2003 PA 215, MCL 490.102, and a service center as defined in section 103 of the credit union act, 2003 PA 215, MCL 490.103.
(b) For a federal credit union, a branch as defined in section 101 of the federal credit union act, 12 USC 1752, and applicable regulations.
(c) For a federal savings and loan association, a branch office as defined by the regulations of the federal home loan bank board pursuant to the federal home loan bank act, 12 USC 1421 to 1449, but does not include a mobile facility, satellite office, or an agency established after January 1, 1979.
(d) For a state bank, a branch as defined in section 1201 of the banking code of 1999, 1999 PA 276, MCL 487.11201.
(e) For a national banking association, a branch as defined in 12 USC 36.
(4) “Consumer finance company” means a licensee under the regulatory loan act, 1939 PA 21, MCL 493.1 to 493.24.