Michigan § 488.5 - Definitions; P to U.
Full text of Michigan Michigan Compiled Laws § 488.5 — Definitions; P to U., with citation guidance and answers to common questions.
§ 488.5. Definitions; P to U.
“Person” means an individual, sole proprietorship, corporation, partnership, association, joint stock company, trust, or unincorporated organization.
“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.
“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.
“Unauthorized use” means either of the following:
Any transaction not known to the customer and not effectuated with the express permission of the customer.
Any transaction effectuated under physical duress.
Frequently Asked Questions About Michigan § 488.5
What does Michigan Compiled Laws § 488.5 cover?
Section 488.5 ("Definitions; P to U.") 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 § 488.5?
A common citation format is "Michigan Compiled Laws § 488.5" (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 § 488.5 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.