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2022 Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)
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
- Section 487.1001 - Short Title.
- Section 487.1002 - Definitions; a to L.
- Section 487.1003 - Definitions; M to T.
- Section 487.1004 - Applicability of Act.
- Section 487.1011 - Money Transmission Services; License Required; Exception.
- Section 487.1012 - License Application; Form; Information Required.
- Section 487.1013 - Financial Statements; Net Worth; Qualification to Do Business; Application Fee; Surety Bond; Aggregate Liability of Surety; Limitation.
- Section 487.1014 - Investigation; Completed Application; Time Period; Issuance of License; Fee; Extension of Time Period; Denial; Request for Hearing.
- Section 487.1015 - Fee Schedule; Expiration and Renewal of License.
- Section 487.1016 - Travel Expenses; Recovery of Fees and Fines; Collection; Disposition.
- Section 487.1021 - Information Obtained in Examination or Investigation; Disclosure Prohibited.
- Section 487.1022 - Joint Examination or Investigation.
- Section 487.1023 - Changed Information; Filing; Events Requiring Filing of Report.
- Section 487.1024 - Proposed Change of Control of Licensee; Request for Approval; Additional Information; Approval by Commissioner; Determination.
- Section 487.1025 - Records.
- Section 487.1026 - Disclosure of Information.
- Section 487.1031 - Permissible Investments.
- Section 487.1032 - Investments Permitted Under MCL 487.1031; Limitation.
- Section 487.1033 - Agreement Between Licensee and Authorized Delegate.
- Section 487.1034 - Authorized Delegate; Prohibited Conduct; Duties.
- Section 487.1041 - Denying, Suspending, Not Renewing, or Revoking License; Placing License in Receivership; Revoking Designation of Authorized Delegate; Conditions.
- Section 487.1042 - Violations; Penalties; Restitution.
- Section 487.1043 - Summary Suspension Order.
- Section 487.1044 - Cease and Desist Order.
- Section 487.1045 - Rules.
- Section 487.1046 - Civil Fine.
- Section 487.1047 - Order Suspending or Prohibiting Person From Being Licensee and From Being Employed By, Agent Of, or Control Person of Licensee.
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