Michigan Laws 488.4 – Definitions; F to M
Current as of: 2023 | Check for updates
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(1) “Financial institution” means a bank, savings and loan association, consumer finance company, credit union, and includes a corporation wholly owned by a financial institution or by a holding company parent of any financial institution.
(2) “Funds transfer facility” means an electronic funds transfer terminal or a funds transmission facility.
Terms Used In Michigan Laws 488.4
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
(3) “Funds transmission facility” means all devices and equipment, regardless of where located, which are interconnected with an electronic funds transfer terminal and while they are being used to transmit electronic impulses to enable the terminal to perform deposit account functions.
(4) “Merchant” means a person primarily engaged in the retail sale of goods or services.