Michigan Laws 488.12 – Providing information about customer’s deposit account or customer’s transaction; furnishing credit information; verifications; liability for violation
Current as of: 2024 | Check for updates
|
Other versions
(1) To protect the privacy of customers using funds transfer services, a person providing services of a funds transfer facility and a financial institution providing services by means of a funds transfer facility, except as provided by law or with the consent of the customer, shall not provide to an outside party information about a customer’s deposit account or a customer’s transaction obtained through use of a funds transfer facility.
(2) This section shall not be construed to prevent the furnishing of credit information under the fair credit reporting act, 15 U.S.C. § 1681 to 1681t, or if necessary to verify or complete the transaction or verify the existence of the customer’s accounts or of information regarding improper use of a customer’s account.
Terms Used In Michigan Laws 488.12
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(3) A person providing services of a funds transfer facility and a financial institution providing services by means of a funds transfer facility, shall be jointly liable for a violation of this section.