reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105) › 276-1999-5 - Chapter 5 Foreign Banks (487.15101...487.15105) › 276-1999-5-STRUCTURE - Structure (487.15101...487.15105) › Section 487.15104 - Reports.

487.15104 Reports.
Sec. 5104.
A foreign bank operating a state agency or state foreign bank branch in this state shall, at the times and in the form prescribed by the commissioner, file with the commissioner reports written in the English language, showing the amount of its assets and liabilities and containing other information requested by the commissioner. A foreign bank that fails to comply with this section is subject to the penalty provided in section 3911.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 Michigan Compiled Laws › Chapter 487 - Financial Institutions › Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105) › 276-1999-5 - Chapter 5 Foreign Banks (487.15101...487.15105) › 276-1999-5-STRUCTURE - Structure (487.15101...487.15105) › Section 487.15105 - Operations of Foreign Bank at State Foreign Bank Branch or State Agency.

487.15105 Operations of foreign bank at state foreign bank branch or state agency.
Sec. 5105.
(1) Except as otherwise provided in this act or other law of this state, operations of a foreign bank at a state foreign bank branch or state agency shall be conducted with the same rights and privileges and subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under this act to a bank doing business at the same location, except that a state agency or an additional office of a state agency shall not accept nor solicit deposits from citizens or residents of the United States or exercise trust powers. Operations of a foreign bank representative office are limited to representational functions.
(2) A foreign bank that operates a state agency or state foreign bank branch is permitted to establish and operate additional offices subject to section 3711. For purposes of section 3711, the principal office of a foreign bank operating under this act shall be its first state agency or state foreign bank branch established in this state.
(3) A state agency or state foreign bank branch shall not be required to become an insured bank, as insured bank is defined in section 3 of the federal deposit insurance act, unless the state foreign bank branch accepts deposits described in section 3 of the federal deposit insurance act.
(4) A foreign bank that operates a state agency or state foreign bank branch in this state shall maintain the accounts and conduct the business of the state agency or state foreign bank branch independently of the accounts and business of the parent foreign bank.
(5) The commissioner may examine the books, accounts, records, and files of the foreign bank that contain information regarding the accounts and business of a state agency, state foreign bank branch, or foreign bank representative office.
History:
1999, Act 276, Eff. Mar. 1, 2000
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.1 - Meaning of Words and Phrases.

488.1 Meaning of words and phrases.
Sec. 1.
For the purposes of this act, the words and phrases defined in sections 2 to 5 have the meanings ascribed to them in those sections.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.2 - Definitions; a to C.

488.2 Definitions; A to C.
Sec. 2.
(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.
History:
1978, Act 322, Eff. Jan. 1, 1979 ;-- Am. 2003, Act 220, Imd. Eff. Dec. 2, 2003 ;-- Am. 2012, Act 449, Eff. Dec. 31, 2012
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.3 - Definitions; C to E.

488.3 Definitions; C to E.
Sec. 3.
(1) “Credit union” means a domestic credit union as that term is defined in section 102 of the credit union act, or a federal credit union established under the laws of the United States having its main office in this state.
(2) “Customer” means a person, but does not include a financial institution or a financial institution holding company.
(3) “Deposit account” includes share, deposit, member, and savings accounts of financial institutions.
(4) “Electronic fund transfer” is any transaction that depends upon an electronic funds transfer terminal to complete.
(5) “Electronic funds transfer terminal” means an information processing device used for the purpose of executing deposit account transactions between financial institutions and their customers by either the direct transmission of electronic impulses or the recording of electronic impulses for delayed processing. A device used for other purposes may be an electronic funds transfer terminal, but a terminal is not an electronic funds transfer terminal while being used for those other purposes. Electronic funds transfer terminal does not include a device at the time it is used to perform the functions of check guaranty, check authorization, or credit card programs, or a combination of any of those programs, and does not include a device located on the premises of a customer of a financial institution that is used to execute transactions only between that customer and the financial institution.
History:
1978, Act 322, Eff. Jan. 1, 1979 ;-- Am. 2003, Act 220, Imd. Eff. Dec. 2, 2003
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.4 - Definitions; F to M.

488.4 Definitions; F to M.
Sec. 4.
(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.
(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.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.5 - Definitions; P to U.

488.5 Definitions; P to U.
Sec. 5.
(1) “Person” means an individual, sole proprietorship, corporation, partnership, association, joint stock company, trust, or unincorporated organization.
(2) “Reasonable fees” means transaction, rental, or other periodic charges which are directly related to the cost of furnishing a particular service, and which are proportionate to actual usage of the service by all persons using the service competing in the same market area and may include a return on invested capital and an initial entry fee charged for the purpose of recovering noncapitalized development costs. The fees shall be negotiated on a fair and equitable basis between the parties who shall not conspire to set a fee with the purpose of destroying or preventing competition.
(3) “Savings and loan association” means an association established under Act No. 156 of the Public Acts of 1964, as amended, being sections 489.501 to 489.920 of the Michigan Compiled Laws, or a federal savings and loan association established under the laws of the United States having its main office in this state.
(4) “Unauthorized use” means either of the following:
(a) Any transaction not known to the customer and not effectuated with the express permission of the customer.
(b) Any transaction effectuated under physical duress.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.6 - Terminals, Facilities, or Functions to Which Act Inapplicable.

488.6 Terminals, facilities, or functions to which act inapplicable.
Sec. 6.
This act shall not be applicable to terminals, facilities, or functions which are subject to regulation by the Michigan public service commission or which are available for direct use only by financial institutions and not by the public generally.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 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; Equality of Fees.

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; equality of fees.
Sec. 7.
(1) This act shall not be construed or interpreted to prevent a merchant from establishing, owning, or operating 1 or more funds transfer facilities located on its own premises. If a merchant establishes, owns, or operates a funds transfer facility on the merchant's premises and allows access to the facility by a financial institution, group of financial institutions, or their customers for a function or service, this act shall not be construed or interpreted to require the merchant to accept an access or connection to or use of the facility on its premises for any other function, service, or purpose.
(2) This act shall not be construed or interpreted to require a merchant to accept an access or connection to or use of a funds transfer facility on the merchant's premises for a function, service, or purpose that does not access a deposit account of a customer of a financial institution or group of financial institutions.
(3) If a merchant establishes, owns, or operates a funds transfer facility on the merchant's premises and allows access or connection to or use of the facility by a financial institution, group of financial institutions, or their customers for any purpose, service, or function, this act or a law governing the financial institution shall not apply to the merchant other than those sections of this act, other law, or rules directly related to the particular function or service performed by the facility on the merchant's premises for a financial institution or group of financial institutions.
(4) An agreement between a merchant and a financial institution or group of financial institutions for the use of a funds transfer facility shall provide for commercially reasonable fees. The fees shall be negotiated on a fair and equitable basis between each party and the parties shall not conspire to set a fee with the purpose of destroying or preventing competition.
(5) A merchant shall be allowed access to essential funds transfer facilities on a fair and equitable basis that is not unfairly discriminatory and upon an agreement to pay commercially reasonable fees. Fees shall be negotiated on a fair and equitable basis between each party and the parties shall not conspire to set a fee with the purpose of destroying or preventing competition. For the purposes of this section, it shall not be necessary to do any of the following:
(a) Unreasonably add additional facilities, if existing facilities have reached their effective capacity.
(b) Have equal transaction fees.
(c) Have equal initial entry fees.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.8 - Funds Transfer Facility; Reliable Service; Protection of Privacy; Safety and Soundness of Funds; Compliance With Antitrust Laws.

488.8 Funds transfer facility; reliable service; protection of privacy; safety and soundness of funds; compliance with antitrust laws.
Sec. 8.
(1) A funds transfer facility shall provide reliable service to the person with protection of privacy of personal financial information.
(2) A funds transfer facility shall not impair the safety and soundness of a person's funds.
(3) Persons subject to this act shall act and conduct their affairs in a manner which complies with the antitrust laws of this state or the United States to assure a free and open competitive economy in this state.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.9 - Funds Transfer Facility; Restrictions.

488.9 Funds transfer facility; restrictions.
Sec. 9.
A person may not establish, operate, or make available a funds transfer facility in this state, except as provided in this act.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.10 - Electronic Funds Transfer Terminals; Number; Availability; Transfer of Funds Into Deposit Acccount.

488.10 Electronic funds transfer terminals; number; availability; transfer of funds into deposit acccount.
Sec. 10.
(1) A financial institution may make available to its customers 1 or more electronic funds transfer terminals anywhere in this state subject to this section and sections 12 to 28.
(2) The electronic funds transfer terminals may be made available by the financial institution solely to its own customers if the terminals are located on the premises of its main office or approved branch. As used in this subsection, “approved branch” does not include electronic funds transfer terminals located at a place where the financial institution carries on no other substantial financial functions for its customers.
(3) Except as provided in subsection (2), an electronic funds transfer terminal shall not be available to the customers of a financial institution unless it is available for use by the customers of any financial institution on a basis which is not unfairly discriminatory upon request of a financial institution and agreement by the financial institution to pay reasonable fees.
(4) Unless the participating financial institution agrees otherwise, an electronic funds transfer terminal shall not be used to transfer funds directly or indirectly from a customer's deposit account in that financial institution into a deposit account of that customer in another financial institution, except that the function of receiving for deposit in a financial institution of an item that is payable by another financial institution shall not constitute a transfer of funds, under this subsection if the item is received for collection rather than immediate payment.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.11 - Funds Transmission Facility; Establishment, Operation, or Availability; Exemption of Internal Computer System.

488.11 Funds transmission facility; establishment, operation, or availability; exemption of internal computer system.
Sec. 11.
(1) A person may establish, operate, or make available a funds transmission facility anywhere in this state subject to this section and sections 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.
(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.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.12 - Providing Information About Customer's Deposit Account or Customer's Transaction; Furnishing Credit Information; Verifications; Liability for Violation.

488.12 Providing information about customer's deposit account or customer's transaction; furnishing credit information; verifications; liability for violation.
Sec. 12.
(1) To protect the privacy of customers using funds transfer services, a person providing services of a funds transfer facility and a financial institution providing services by means of a funds transfer facility, except as provided by law or with the consent of the customer, shall not provide to an outside party information about a customer's deposit account or a customer's transaction obtained through use of a funds transfer facility.
(2) This section shall not be construed to prevent the furnishing of credit information under the fair credit reporting act, 15 U.S.C. 1681 to 1681t, or if necessary to verify or complete the transaction or verify the existence of the customer's accounts or of information regarding improper use of a customer's account.
(3) A person providing services of a funds transfer facility and a financial institution providing services by means of a funds transfer facility, shall be jointly liable for a violation of this section.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.13 - Issuance of Card or Means of Access to Customer's Account; Requirements.

488.13 Issuance of card or means of access to customer's account; requirements.
Sec. 13.
A financial institution shall not issue to a customer a card or means of access to a customer's account for the purpose of initiating an electronic fund transfer other than in response to a request or application therefor or as a renewal of, or in substitution for, an accepted card or means of access, whether issued by the initial issuer or a successor, except that a financial institution may distribute unsolicited cards or means of access only to its own customers and only if all of the following occur:
(a) The card or means of access does not have credit features, except overdraft privileges on deposit accounts.
(b) The distribution is accompanied by a full disclosure of the customer's rights and liabilities and a written agreement to sign to indicate the customer's acceptance of the card or other means of access.
(c) The card or other means of access is not capable of being used until additional information is furnished by the issuer after receipt of the customer's written agreement.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 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 Security.

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 security.
Sec. 14.
(1) A customer shall not be liable for an unauthorized use of his or her account through an electronic fund transfer unless the depository institution can prove, without benefit of inference or presumption, that the customer's negligence substantially contributed to the unauthorized use and that the financial institution exercised reasonable care to prevent the loss. As used in this section customer negligence means only the following:
(a) Writing the personal identification number on the card or other means of affording access.
(b) Keeping the personal identification number with the card or other means of affording access.
(c) Voluntarily permitting the account accessing device, including the personal identification number and the card, to come into the possession of a person who makes or causes to be made an unauthorized use.
(2) If the customer fails to notify the depository financial institution of an unauthorized use within 30 days after the receipt of a statement conforming with section 18 and containing an unauthorized use, a customer shall be liable for a subsequent unauthorized use that could have been prevented by timely notification.
(3) A customer shall not be liable for further unauthorized use of his or her account by electronic fund transfer after the customer has reported that the means of access to his or her account has been lost or that the security of his or her personal identification number has been violated.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.16 - Reversal of Electronic Fund Transfer and Recrediting Customer's Account; Requirements; “Normal Business Hours” Defined.

488.16 Reversal of electronic fund transfer and recrediting customer's account; requirements; “normal business hours” defined.
Sec. 16.
(1) The financial institutions which are parties to an electronic fund transfer shall reverse an electronic fund transfer initiated by a customer to a third party in payment for goods or services and recredit the customer's account for the full amount of the transfer, if all of the following occur:
(a) The customer provides notice to the financial institution of having made a good faith attempt to seek redress and makes an assurance to the financial institution of return to the third party of related goods in dispute where returnable goods are involved. This does not imply that reversability applies only to goods.
(b) The amount of the transaction is $50.00 or more.
(c) Within 4 calendar days following the transaction, the financial institution receives from the customer during the normal business hours of the financial institution a written or oral request for the reversal.
(d) The customer verifies the reverse order, notice, and assurance in writing within 14 calendar days following oral notification, on a form to be provided by the financial institution for that purpose. If written verification is not furnished, the financial institution shall reinstate the original debits and credits involved in the transaction to the extent of the available account balance.
(2) For the purposes of this section “normal business hours” means that part of any day in which the financial institution is open to the public for carrying on substantially all of its business functions.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.17 - Receipt Evidencing Electronic Fund Transfer; Time; Costs.

488.17 Receipt evidencing electronic fund transfer; time; costs.
Sec. 17.
An electronic fund transfer made by a customer of a financial institution shall be evidenced by a receipt provided to the customer at the time of the electronic fund transfer. If a receipt cannot be provided at the time of the transfer it shall be provided on a regular basis at the option of the customer and upon agreement by the customer to pay all reasonable costs for the service.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.18 - Statement of Customer's Account; Frequency; Contents.

488.18 Statement of customer's account; frequency; contents.
Sec. 18.
A financial institution shall provide each customer with a statement of the customer's account accessible through an electronic funds transfer terminal. The statement shall be provided not less than once a month in which an electronic fund transfer occurs, or annually, whichever is more frequent. The statement shall contain a brief description of each transaction made through an electronic funds transfer terminal. The description shall be sufficient to enable the customer to identify any transaction and to relate it to a receipt pursuant to section 17.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.19 - Written Agreement of Terms and Conditions Governing Account; Time; Contents.

488.19 Written agreement of terms and conditions governing account; time; contents.
Sec. 19.
A customer of a financial institution whose account with the financial institution is accessible through a funds transfer facility shall be provided with a written agreement by the financial institution of the terms and conditions governing the account. The agreement shall be provided at the time that the customer is issued a card or other means affording access to the funds transfer facility. The agreement shall state the following material facts:
(a) An explanation of the financial institution's liability for unauthorized use of the account and notice that the customer may be held liable for any resulting unauthorized use before the time the customer notifies the financial institution that his or her personal identification number has been compromised, if the customer does any of the following:
(i) Writes the personal identification number on the card.
(ii) Keeps the personal identification number with the card.
(iii) Voluntarily permits the account accessing device, including the personal identification number and the card to come into the possession of a person who makes or causes to be made an unauthorized use.
(b) The customer's right to receipts and statements affecting the account pursuant to sections 17 and 18, and that the receipt or statement is admissible evidence.
(c) An initial disclosure of the specific transactions which may be performed through the funds transfer facility by the customer.
(d) Any charges to the customer for account maintenance or for the use of the funds transfer facility and the method for determining charges.
(e) Any limitation imposed on the number of electronic fund transfer services permitted within a given period of time, and identification of the account or accounts to be accessed.
(f) The minimum balance, if any, which must be maintained by the customer in an account with a user financial institution as a condition for engaging in transactions in the account through a funds transfer facility.
(g) The right of the customer to seek correction of any statement errors by notifying the financial institution orally or in writing within 60 days after receipt of a statement containing an error; the financial institution's responsibility to respond to that notification within 10 business days after notification by either provisionally correcting the account or providing a written explanation stating the reason the financial institution believes the statement is correct; and explanation that provisional correction allows the financial institution to charge the correction back to the customer's account for up to 60 days; and the definition of error.
(h) The name and address of the governmental regulatory authority which can be notified if the financial institution violates this act.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.20 - Options to Promote Security of Electronic Fund Transfers.

488.20 Options to promote security of electronic fund transfers.
Sec. 20.
In order to promote the security of electronic fund transfers, financial institutions shall make available to customers:
(a) Options to limit the total amount of cash which can be withdrawn through the use of an electronic funds transfer terminal, from a customer's account in any single day. The options shall include, but need not be restricted to, a limit of $50.00.
(b) An option to limit access through an electronic funds transfer terminal to 1 or more specified accounts.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.21 - Civil Action for Violation; Liability.

488.21 Civil action for violation; liability.
Sec. 21.
(1) A person may bring a civil action against a person violating section 13, 14, 15, 16, 17, 18, 19, or 20 in any court having jurisdiction. Upon adverse adjudication, the defendant shall be liable for actual damages or $1,000.00, whichever is greater.
(2) If a violation of section 12 occurs, the customer may bring an action against either the financial institution providing services by means of a funds transfer facility or a person providing services of a funds transfer facility, or both, in any court having jurisdiction. Upon adverse adjudication, the defendant may be liable for actual damages or $1,000.00, whichever is greater.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.22 - Monitoring and Analyzing Developments Within Field of Electronic Fund Transfers; Report; Effecting Provisions of Section.

488.22 Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section.
Sec. 22.
The commissioner of the financial institutions bureau shall monitor and analyze developments within the field of electronic fund transfers and shall 1 year after the effective date of this act, submit a written report to the house committee on corporations and finance and senate corporations and economic development committee. The report shall include data concerning systems, ownership patterns, competitive effects, customers' satisfaction, and other pertinent data and shall contain the commissioner's recommendation for further legislative action. To effect the provisions of this section:
(a) Not later than 10 days after a financial institution establishes or commences participation in a funds transfer facility, it shall notify its appropriate regulatory authority unless the financial institution has been included in a previous notice given pursuant to this subsection. The notice shall include:
(i) The name of the financial institution which has established or commenced participation in a funds transfer facility.
(ii) The address of the location of the funds transfer facility.
(iii) The name of each financial institution with which it has contracted to share the funds transfer facility.
(b) The commissioner of the financial institutions bureau may receive complaints and inquiries concerning disputes relating to the operation or use of a funds transfer facility. If a complaint or inquiry involves a federally chartered institution and may require investigation or regulatory action, the commissioner of the financial institutions bureau shall forward the complaint to the appropriate federal agency.
(c) A person seeking access to a funds transfer facility pursuant to section 10 or 11 and seeking a resolution of a dispute by court action or arbitration pursuant to section 27 or 28, shall notify the financial institutions bureau of the nature of the dispute, persons involved, and the method by which the dispute is to be settled.
(d) The commissioner of the financial institutions bureau may exchange information received pursuant to this section with federal agencies which regulate financial institutions.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.23 - Restraining Trade or Engaging in Anticompetitive Practices.

488.23 Restraining trade or engaging in anticompetitive practices.
Sec. 23.
A person providing services of a funds transfer facility and a financial institution using a funds transfer facility shall not contract, combine, conspire, or otherwise attempt to restrain trade in a market for services of funds transfer facilities or engage in anticompetitive practices to the detriment of the public interest.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.24 - Unauthorized Transactions Prohibited.

488.24 Unauthorized transactions prohibited.
Sec. 24.
A funds transfer facility shall not be used to facilitate or effect a transaction with a financial institution, which transaction the financial institution is not otherwise authorized by law to transact.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.25 - Applicability of Antitrust Laws.

488.25 Applicability of antitrust laws.
Sec. 25.
This act shall not be construed or applied to preclude the enforcement of, exempt from, or otherwise immunize a person subject to this act from the antitrust laws of this state or of the United States.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.26 - Application of State or Federal Statute to Credit or Deposit Account Relationships.

488.26 Application of state or federal statute to credit or deposit account relationships.
Sec. 26.
In the application of any state or federal statute to credit or deposit account relationships, the transfer of funds by use of a funds transfer facility shall constitute only an additional means of effecting a payment, and this act shall not be construed as limiting or enlarging the rights of persons under those statutes or any regulations legally promulgated pursuant thereto.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.27 - Unjust Denial of Access; Unfairly Discriminatory Sharing Requirements; Arbitration; Judgment; Redress in Circuit Court.

488.27 Unjust denial of access; unfairly discriminatory sharing requirements; arbitration; judgment; redress in circuit court.
Sec. 27.
A financial institution seeking to share a funds transfer facility pursuant to this act, and believing that it has been unjustly denied access or that the sharing requirements for its participation are unfairly discriminatory may seek a settlement of the dispute by arbitration pursuant to the rules of the American arbitration association applicable to commercial arbitration if all parties have agreed to arbitration, and judgment upon the award rendered by the arbitrator shall be final and may be entered in a court having jurisdiction; or seek redress in the circuit court in the appropriate jurisdiction.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.28 - Violation Injurious to Business or Property; Action for Treble Damages, Costs, and Attorneys' Fees.

488.28 Violation injurious to business or property; action for treble damages, costs, and attorneys' fees.
Sec. 28.
A person who is injured in his or her business or property by another person who violates section 9, 10, 11, 23, or 24, may bring an action in any court having jurisdiction to recover treble damages, costs of the action, and reasonable attorneys' fees.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.29 - Wilful Violation as Misdemeanor; Penalty.

488.29 Wilful violation as misdemeanor; penalty.
Sec. 29.
A person who wilfully violates this act is guilty of a misdemeanor, punishable by a fine of not more than $10,000.00.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.30 - Conditional Effective Date.

488.30 Conditional effective date.
Sec. 30.
This act shall not take effect unless House Bill No. 4554 of the 1977 regular session of the legislature is enacted into law.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 488 - Electronic Funds Transfers › Act 322 of 1978 - Electronic Funds Transfers (488.1 - 488.31) › Section 488.31 - Effective Date.

488.31 Effective date.
Sec. 31.
This act shall take effect January 1, 1979.
History:
1978, Act 322, Eff. Jan. 1, 1979
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Repealed - Act 50 of 1887 - Building and Loan Associations (489.1 - 489.40)

BUILDING AND LOAN ASSOCIATIONS
Act 50 of 1887
489.1-489.40 Repealed. 1964, Act 156, Eff. Jan. 1, 1965.
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Repealed - Act 14 of 1901 - Foreign Building and Loan Associations (489.201 - 489.211)

FOREIGN BUILDING AND LOAN ASSOCIATIONS
Act 14 of 1901
489.201-489.211 Repealed. 1964, Act 156, Eff. Jan. 1, 1965.
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Repealed - Act 77 of 1939 - Federal Savings and Loan Associations (489.351 - 489.352)

FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Act 77 of 1939
489.351,489.352 Repealed. 1964, Act 156, Eff. Jan. 1, 1965.
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Repealed - Act 78 of 1939 - Federal Savings and Loan Associations (489.361 - 489.361)

FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Act 78 of 1939
489.361 Repealed. 1964, Act 156, Eff. Jan. 1, 1965.
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Repealed - Act 180 of 1954 - Federal Savings and Loan Associations (489.371 - 489.372)

FEDERAL SAVINGS AND LOAN ASSOCIATIONS
Act 180 of 1954
489.371,489.372 Repealed. 1964, Act 156, Eff. Jan. 1, 1965.
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Repealed - Act 102 of 1959 - Savings and Loan Associations; Building and Loan Associations (489.401 - 489.402)

SAVINGS AND LOAN ASSOCIATIONS; BUILDING AND LOAN ASSOCIATIONS
Act 102 of 1959
489.401,489.402 Repealed. 1964, Act 156, Eff. Jan. 1, 1965.
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Act 156 of 1964 - Savings and Loan Association Act of 1964 (489.501 - 489.920) › Section 489.501-489.857 - Repealed. 1967, Act 96, Imd. Eff. June 21, 1967;—1970, Act 185, Imd. Eff. Aug. 3, 1970;—1975, Act 231, Eff. Mar. 2, 1976;—1980, Act 307, Eff. Jan. 1, 1981.

489.501-489.857 Repealed. 1967, Act 96, Imd. Eff. June 21, 1967;—1970, Act 185, Imd. Eff. Aug. 3, 1970;—1975, Act 231, Eff. Mar. 2, 1976;—1980, Act 307, Eff. Jan. 1, 1981.
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Act 156 of 1964 - Savings and Loan Association Act of 1964 (489.501 - 489.920) › Section 489.858 - Tax Exemptions.

489.858 Tax exemptions.
Sec. 458.
(1) All mortgages or other securities held by associations, are exempt from all municipal or other taxes under the laws of this state and all personal property owned by associations is exempt from taxation.
(2) Federal savings and loan associations and their members shall be subject to the same taxation and upon the same basis as state associations and their members.
History:
1964, Act 156, Eff. Jan. 1, 1965
2023 Michigan Compiled Laws › Chapter 489 - Savings and Loan Associations › Act 156 of 1964 - Savings and Loan Association Act of 1964 (489.501 - 489.920) › Section 489.861-489.920 - Repealed. 1975, Act 231, Eff. Mar. 2, 1976;—1980, Act 307, Eff. Jan. 1, 1981.

489.861-489.920 Repealed. 1975, Act 231, Eff. Mar. 2, 1976;—1980, Act 307, Eff. Jan. 1, 1981.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Repealed - Act 285 of 1925 - Credit Unions (490.1 - 490.31)

CREDIT UNIONS
Act 285 of 1925
490.1-490.31 Repealed. 1968, Act 41, Eff. Nov. 15, 1968;—1986, Act 278, Imd. Eff. Dec. 19, 1986;—2003, Act 215, Eff. June 1, 2004.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.52 - Presumptions of Ownership; Credit Unions Liability and Set-Off Rights.

490.52 Presumptions of ownership; credit unions liability and set-off rights.
Sec. 2.
The presumptions created by sections 3 to 7 concerning beneficial ownership as between parties, or as between parties and beneficiaries, of multiple-party accounts are relevant only to controversies between these persons or their creditors and other successors, and shall have no bearing on the rights of withdrawal of such persons as determined by the terms of account contracts. The provisions of sections 11 to 16 govern the liability of credit unions who make payments pursuant thereto, and their set-off rights.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.53 - Deposit or Shares Paid on Demand.

490.53 Deposit or shares paid on demand.
Sec. 3.
During the lifetime of all parties, a multiple-party account which provides that sums on deposit or in shares may be paid on the demand of either of 2 or more parties is presumed to belong to the parties in proportion to the net contributions by each to the sums on deposit.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.54 - Equal Undivided Interests.

490.54 Equal undivided interests.
Sec. 4.
In the absence of satisfactory proof of the net contributions, those who are parties from time to time shall be presumed to own a multiple-party account in equal undivided interests.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.55 - Death of Party; Effect.

490.55 Death of party; effect.
Sec. 5.
The death of any party to a multiple-party account shall have no effect on the beneficial ownership of the account, other than to transfer the decedent's right to his estate, unless the account is a survivorship account or trust account, as provided in sections 6 and 7.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
2023 Michigan Compiled Laws › Chapter 490 - Credit Unions › Act 41 of 1968 - Credit Union Multiple-Party Accounts (490.51 - 490.65) › Section 490.56 - Survivorship Account; Death of Party, Ownership.

490.56 Survivorship account; death of party, ownership.
Sec. 6.
A multiple-party account payable to 2 or more persons, jointly or severally, which does not expressly provide that there is no right of survivorship, though there is no mention of survivorship or joint tenancy, is presumed to be a survivorship account. At the death of a party, sums on deposit in a survivorship account belong to the surviving party or parties as against the estate of the decedent. Where there are 2 or more survivors, their respective ownerships shall be in proportion to their previous net contributions augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before his death, plus the proceeds of insurance on decedent's life paid to the account. The right of survivorship continues between survivors.
History:
1968, Act 41, Eff. Nov. 15, 1968
Compiler's Notes:
For transfer of authority, powers, duties, functions, and responsibility of the financial institutions bureau and the commissioner of the financial institutions bureau to the commissioner of the office of financial and insurance services and the office of financial and insurance services by type III transfer, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.