Michigan § 488.3 - Definitions; C to E.
Full text of Michigan Michigan Compiled Laws § 488.3 — Definitions; C to E., with citation guidance and answers to common questions.
§ 488.3. Definitions; C to E.
“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.
“Customer” means a person, but does not include a financial institution or a financial institution holding company.
“Deposit account” includes share, deposit, member, and savings accounts of financial institutions.
“Electronic fund transfer” is any transaction that depends upon an electronic funds transfer terminal to complete.
“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.
Frequently Asked Questions About Michigan § 488.3
What does Michigan Compiled Laws § 488.3 cover?
Section 488.3 ("Definitions; C to E.") 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 § 488.3?
A common citation format is "Michigan Compiled Laws § 488.3" (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 § 488.3 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.