§ 488.1 Meaning of words and phrases
§ 488.2 Definitions; A to C
§ 488.3 Definitions; C to E
§ 488.4 Definitions; F to M
§ 488.5 Definitions; P to U
§ 488.6 Terminals, facilities, or functions to which act inapplicable
§ 488.7 Funds transfer facility on merchant’s premises; establishment, ownership, or operation; access to, connection to, or use of facility; reasonable fees; nondiscrimination; additional facilities; equalit
§ 488.8 Funds transfer facility; reliable service; protection of privacy; safety and soundness of funds; compliance with antitrust laws
§ 488.9 Funds transfer facility; restrictions
§ 488.10 Electronic funds transfer terminals; number; availability; transfer of funds into deposit acccount
§ 488.11 Funds transmission facility; establishment, operation, or availability; exemption of internal computer system
§ 488.12 Providing information about customer’s deposit account or customer’s transaction; furnishing credit information; verifications; liability for violation
§ 488.13 Issuance of card or means of access to customer’s account; requirements
§ 488.14 Liability for unauthorized use of account; proof; “customer negligence” defined; failure to notify depository financial institution of unauthorized use; reporting lost means of access or violation of
§ 488.15 Notification of electronic fund transfer error; investigation; report; notification requirements; requirements of report to customer; meaning of electronic fund transfer error; placing hold on funds i
§ 488.16 Reversal of electronic fund transfer and recrediting customer’s account; requirements; “normal business hours” defined
§ 488.17 Receipt evidencing electronic fund transfer; time; costs
§ 488.18 Statement of customer’s account; frequency; contents
§ 488.19 Written agreement of terms and conditions governing account; time; contents
§ 488.20 Options to promote security of electronic fund transfers
§ 488.21 Civil action for violation; liability
§ 488.22 Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section
§ 488.23 Restraining trade or engaging in anticompetitive practices
§ 488.24 Unauthorized transactions prohibited
§ 488.25 Applicability of antitrust laws
§ 488.26 Application of state or federal statute to credit or deposit account relationships
§ 488.27 Unjust denial of access; unfairly discriminatory sharing requirements; arbitration; judgment; redress in circuit court
§ 488.28 Violation injurious to business or property; action for treble damages, costs, and attorneys’ fees
§ 488.29 Wilful violation as misdemeanor; penalty
§ 488.30 Conditional effective date
§ 488.31 Effective date

Terms Used In Michigan Laws > Chapter 488 > Act 322 of 1978 - Electronic Funds Transfers

  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • 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
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • 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
  • Statute: A law passed by a legislature.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o