SENATE BILL No. 1256

April 30, 2002, Introduced by Senator MURPHY and referred to the Committee on Banking

and Financial Institutions.

A bill to amend 1999 PA 276, entitled

"Banking code of 1999,"

(MCL 487.11101 to 487.15105) by adding section 4110.

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1 SEC. 4110. (1) AS USED IN THIS SECTION:

2 (A) "ATM" MEANS AN ELECTRONIC DEVICE SITUATED IN MICHIGAN

3 OWNED, OPERATED, OR LEASED BY A BANK, OTHER THAN A TELEPHONE,

4 FACSIMILE MACHINE, OR PERSONAL COMPUTER OPERATED BY A CONSUMER,

5 THROUGH WHICH A CONSUMER INITIATES AN ELECTRONIC FUND TRANSFER.

6 THE TERM DOES NOT INCLUDE A POINT-OF-SALE TERMINAL USED EXCLU-

7 SIVELY TO PAY FOR A PURCHASE OF GOODS OR SERVICES BY TRANSFERRING

8 FUNDS ELECTRONICALLY FROM A CONSUMER'S CREDIT CARD ARRANGEMENT OR

9 DEPOSIT ACCOUNT AT A FINANCIAL INSTITUTION TO THE TERMINAL

10 PROVIDER'S ACCOUNT AT A FINANCIAL INSTITUTION OR A DEVICE LOCATED

11 ON THE PREMISES OF A CUSTOMER OF A FINANCIAL INSTITUTION WHICH IS

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1 USED TO EXECUTE TRANSACTIONS ONLY BETWEEN THAT CUSTOMER AND THE

2 FINANCIAL INSTITUTION.

3 (B) "CONSUMER" MEANS AN INDIVIDUAL.

4 (C) "CREDIT CARD" MEANS A CARD OR DEVICE ISSUED UNDER A

5 CREDIT CARD ARRANGEMENT WHICH GIVES THE CARD HOLDER THE PRIVILEGE

6 OF OBTAINING LOANS FROM THE CARD ISSUER.

7 (D) "CREDIT CARD ARRANGEMENT" MEANS A LINE OF CREDIT ISSUED

8 BY A FINANCIAL INSTITUTION TO A CONSUMER, WHICH LINE OF CREDIT

9 MAY BE ACCESSED FOR THE PURPOSE OF OBTAINING A LOAN BY MEANS OF A

10 CREDIT CARD.

11 (E) "ELECTRONIC FUND TRANSFER" MEANS ANY TRANSACTION CON-

12 DUCTED BY A CONSUMER USING AN ATM THAT INSTRUCTS OR AUTHORIZES A

13 FINANCIAL INSTITUTION TO DEBIT OR CREDIT THE CONSUMER'S DEPOSIT

14 ACCOUNT OR CREDIT CARD ARRANGEMENT.

15 (F) "FINANCIAL INSTITUTION" MEANS A STATE OR NATIONAL

16 CHARTERED BANK OR A STATE OR FEDERAL CHARTERED SAVINGS AND LOAN

17 ASSOCIATION, SAVINGS BANK, OR CREDIT UNION.

18 (2) A BANK SHALL NOT ASSESS OR IMPOSE A FEE OR CHARGE

19 AGAINST A CONSUMER GREATER THAN $1.00 FOR AN ELECTRONIC FUND

20 TRANSFER.

21 (3) THIS SECTION DOES NOT LIMIT OR PROHIBIT THE ASSESSING OR

22 IMPOSING OF A FEE OR CHARGE BETWEEN FINANCIAL INSTITUTIONS FOR

23 ELECTRONIC FUND TRANSFERS.

24 (4) FOR EACH TRANSACTION INVOLVING AN ATM, THE CONSUMER

25 USING THE ATM SHALL BE GIVEN THE OPTION OF RECEIVING INFORMATION

26 INDICATING THE NATURE AND AMOUNTS INVOLVED IN THE TRANSACTION AND

27 THE RESULTING BALANCES OF THE ACCOUNTS AFFECTED BY THE

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1 TRANSACTION. THE CONSUMER SHALL ALSO BE GIVEN THE OPTION OF

2 RECEIVING THE INFORMATION EITHER ON A PRINTED STATEMENT PROVIDED

3 AT THE END OF THE ATM TRANSACTION OR DISPLAYED ON THE ATM SCREEN.

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