Michigan Laws 11.22 – Methods of payment; authorization of immediate transfer of funds; verification
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Terms Used In Michigan Laws 11.22
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
Alternative methods of payment shall include, but not be limited to, a credit or debit card, an electronic funds transfer, a negotiable instrument or other instrument, device, or means that authorizes the immediate transfer of funds. Each transaction through an alternative method of payment shall be verified by the secretary of state with the financial institution for approval of credit authorization.