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Michigan Compiled Laws - Act 250 of 2006


MONEY TRANSMISSION SERVICES ACT

Act 250 of 2006

AN ACT to regulate the money transmission services business; to require the licensing of persons engaged in providing money transmission services; to prescribe powers and duties of certain state agencies and officials; to prescribe penalties and provide remedies; and to repeal acts and parts of acts.


History: 2006, Act 250, Imd. Eff. July 3, 2006




The People of the State of Michigan enact:

DocumentDescription
Section 487.1001Short title.
Section 487.1002Definitions; A to L.
Section 487.1003Definitions; M to T.
Section 487.1004Applicability of act.
Section 487.1011Money transmission services; license required; exception.
Section 487.1012License application; form; information required.
Section 487.1013Financial statements; net worth; qualification to do business; application fee; surety bond; aggregate liability of surety; limitation.
Section 487.1014Investigation; completed application; time period; issuance of license; fee; extension of time period; denial; request for hearing.
Section 487.1015Fee schedule; expiration and renewal of license.
Section 487.1016Travel expenses; recovery of fees and fines; collection; disposition.
Section 487.1021Information obtained in examination or investigation; disclosure prohibited.
Section 487.1022Joint examination or investigation.
Section 487.1023Changed information; filing; events requiring filing of report.
Section 487.1024Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination.
Section 487.1025Records.
Section 487.1026Disclosure of information.
Section 487.1031Permissible investments.
Section 487.1032Investments permitted under MCL 487.1031; limitation.
Section 487.1033Agreement between licensee and authorized delegate.
Section 487.1034Authorized delegate; prohibited conduct; duties.
Section 487.1041Denying, suspending, not renewing, or revoking license; placing license in receivership; revoking designation of authorized delegate; conditions.
Section 487.1042Violations; penalties; restitution.
Section 487.1043Summary suspension order.
Section 487.1044Cease and desist order.
Section 487.1045Rules.
Section 487.1046Civil fine.
Section 487.1047Order suspending or prohibiting person from being licensee and from being employed by, agent of, or control person of licensee.

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