MCL 488.13 Issuance of Card Or Means of Access to Customer's Account; Requirements

• Library: Michigan Statutes
• Edition: 2023
• Currency: Current through Public Act 321 of the 2023 Legislative Session
• Year: 2023
• Citation: MCL 488.13

A financial institution shall not issue to a customer a card or means of access to a customer's account for the...

(a) The card or means of access does not have credit features, except overdraft privileges on deposit accounts.

(b) The distribution is accompanied by a full disclosure of the customer's rights and liabilities and a written agreement to sign to indicate the customer's acceptance of the card or other means of access.

(c) The card or other means of access is not capable of being used until additional information is furnished by the issuer after receipt of the customer's written agreement.