2014 Michigan Compiled Laws
Chapter 487 - FINANCIAL INSTITUTIONS
Act 250 of 2006 MONEY TRANSMISSION SERVICES ACT (487.1001 - 487.1047)
Section 487.1042 Violations; penalties; restitution.

MONEY TRANSMISSION SERVICES ACT (EXCERPT)
Act 250 of 2006
487.1042 Violations; penalties; restitution.

Sec. 42.

(1) A person that intentionally makes a false statement, misrepresentation, or false certification in any record or document filed or required to be maintained under this act or that intentionally makes a false entry or omits a material entry in a record is guilty of a felony punishable by imprisonment for not more than 5 years or a fine of not more than $100,000.00, or both.

(2) A person that engages in criminal fraud in the conduct of its money transmission services business is guilty of a felony punishable by imprisonment for not more than 5 years or a fine of not more than $100,000.00, or both.

(3) A person that knowingly engages in an activity for which a license is required under this act and is not licensed under this act is guilty of a felony punishable by imprisonment for not more than 5 years or a fine of not more than $100,000.00, or both. A court shall order a person convicted of violating subsection (1) or (2) to pay restitution as provided in section 1a of chapter IX of the code of criminal procedure, 1927 PA 175, MCL 769.1a, and the crime victim's rights act, 1985 PA 87, MCL 780.751 to 780.834.

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