September 25, 2003, Introduced by Reps. Spade, Sheltrown, Law, Bieda, Wojno, Farrah, Plakas, Meyer, Clack and Sak and referred to the Committee on Commerce.
A bill to amend 1962 PA 174, entitled
"Uniform commercial code,"
by amending section 4110 (MCL 440.4110), as added by 1993 PA
130.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 4110. (1) "Agreement for electronic presentment" means
2 an agreement,
clearing-house rule, or Federal Reserve federal
3 reserve regulation or operating circular, providing that
4 presentment of an item may be made by transmission of an image of
5 an item or information describing the item ("presentment notice")
6 rather than delivery of
the item itself. The An agreement for
7 electronic presentment shall provide a procedure that prohibits
8 presentment by transmission of an image of an item or presentment
9 notice if the drawer of the item requests that electronic
10 presentment not be used for the drawer's items and requires
1 written notice to each drawer of his or her right to make that
2 request. An agreement for electronic presentment may provide for
3 procedures governing retention, presentment, payment, dishonor,
4 and other matters concerning items subject to the agreement.
5 (2) Presentment of an item pursuant to an agreement for
6 presentment is made when the presentment notice is received.
7 (3) If presentment is made by presentment notice, a reference
8 to "item" or "check" in this article means the presentment notice
9 unless the context otherwise indicates.