Michigan § 488.20 - Options to promote security of electronic fund transfers.
Full text of Michigan Michigan Compiled Laws § 488.20 — Options to promote security of electronic fund transfers., with citation guidance and answers to common questions.
§ 488.20. Options to promote security of electronic fund transfers.
In order to promote the security of electronic fund transfers, financial institutions shall make available to customers:
Options to limit the total amount of cash which can be withdrawn through the use of an electronic funds transfer terminal, from a customer's account in any single day.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.
An option to limit access through an electronic funds transfer terminal to 1 or more specified accounts.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 488.20
What does Michigan Compiled Laws § 488.20 cover?
Section 488.20 ("Options to promote security of electronic fund transfers.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 488.20?
A common citation format is "Michigan Compiled Laws § 488.20" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 488.20 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.