Michigan § 488.22 - Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section.
Full text of Michigan Michigan Compiled Laws § 488.22 — Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section., with citation guidance and answers to common questions.
§ 488.22. Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section.
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:
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:
The name of the financial institution which has established or commenced participation in a funds transfer facility.
The address of the location of the funds transfer facility.
The name of each financial institution with which it has contracted to share the funds transfer facility.
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.
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.
The commissioner of the financial institutions bureau may exchange information received pursuant to this section with federal agencies which regulate financial institutions.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 488.22
What does Michigan Compiled Laws § 488.22 cover?
Section 488.22 ("Monitoring and analyzing developments within field of electronic fund transfers; report; effecting provisions of section.") 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 § 488.22?
A common citation format is "Michigan Compiled Laws § 488.22" (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 § 488.22 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.