Section 488.2 - Definitions; A to C.
ELECTRONIC FUNDS TRANSFERS (EXCERPT)
Act 322 of 1978
488.2 Definitions; A to C.
Sec. 2.
(1) “Available” means and includes all deposit account functions which 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 established under the laws of the United States having its main office in this state.
(3) “Branch”, as it applies to:
(a) A state credit union, means a branch as defined in section 102 of the credit union act and a service center as defined in section 103 of the credit union act.
(b) A federal credit union, means a branch place of business as defined in section 101 of the federal credit union act, chapter 750, 48 Stat. 1216, 12 U.S.C. 1752, and applicable regulations.
(c) A state savings and loan association, means a branch office as defined in section 112 of the savings and loan act of 1980, 1980 PA 307, MCL 491.112, and also includes an agency as defined in section 106 of the savings and loan act of 1980, 1980 PA 307, MCL 491.106, that is established before the effective date of this act.
(d) A federal savings and loan association, means a branch office as defined by the regulations of the federal home loan bank board pursuant to the federal home loan bank act, chapter 522, 47 Stat. 725, but does not include a mobile facility, satellite office, or an agency established after the effective date of this act.
(e) A state bank, means a branch as defined in section 1201 of the banking code of 1999, 1999 PA 276, MCL 487.11201.
(f) A national banking association, means a branch place of business as defined in 12 U.S.C. 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