Michigan Laws > Chapter 124 > Act 738 of 2002 – Electronic Transactions of Public Funds
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Terms Used In Michigan Laws > Chapter 124 > Act 738 of 2002 - Electronic Transactions of Public Funds
- ACH: means a national and governmental organization that has authority to process electronic payments, including, but not limited to, the national automated clearing house association and the federal reserve system. See Michigan Laws 124.301
- ACH arrangement: means the agreement between the originator of the ACH transaction and the receiver of the ACH transaction. See Michigan Laws 124.301
- ACH policy: means the procedures and internal controls as determined under a written policy developed and adopted by the treasurer or the electronic transactions officer of a local unit under section 3. See Michigan Laws 124.301
- ACH transaction: means an electronic payment, debit, or credit transfer processed through an automated clearing house. See Michigan Laws 124.301
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.1201
- Buyer: means a person who buys or contracts to buy goods. See Michigan Laws 440.2103
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201ETO: means the person designated under this act by charter or by the governing body in a local unit other than a township or county. See Michigan Laws 124.301 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fungible goods: means either of the following:
(i) Goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit. See Michigan Laws 440.1201Governing body: means any of the following:
(i) The council, commission, or other entity vested with the legislative power of a city or village. See Michigan Laws 124.301Local school district: means a school district organized under the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 124.301 Local unit: means any of the following:
(i) A village. See Michigan Laws 124.301Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l present sale: means a sale which is accomplished by the making of the contract. See Michigan Laws 440.2106 Seller: means a person who sells or contracts to sell goods. See Michigan Laws 440.2103 Treasurer: means the elected treasurer in a township or county. See Michigan Laws 124.301