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Michigan Compiled Laws Complete Through PA 76 of 2022

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Section 487.1002

Act 250 of 2006

487.1002 Definitions; A to L.

Sec. 2.

  As used in this act:
  (a) "Agency" or "department" means the department of insurance and financial services.
  (b) "Agent of a payee" means a person appointed by a payee to collect and process payments as the bona fide agent of the payee.
  (c) "Applicant" means a person that files an application for a license under this act.
  (d) "Authorized delegate" means a person that a licensee designates to provide money transmission services in this state on behalf of the licensee.
  (e) "Closed-loop prepaid access" means access to funds or the value of funds that is paid in advance, may be retrieved or transferred at some time in the future through a device or vehicle, and may be used only to acquire goods or services in transactions that involve 1 or more specific merchants or 1 or more specific locations.
  (f) "Commissioner" or "director" means the director of the department or his or her designee.
  (g) "Control" means any of the following:
  (i) Ownership of, or the power to vote, directly or indirectly, at least 25% of a class of voting securities or voting interests of a licensee or person in control of a licensee.
  (ii) Power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or person in control of a licensee.
  (iii) The power to exercise directly or indirectly a controlling influence over the management or policies of a licensee or person in control of a licensee.
  (h) "Control person" means a director, manager, or executive officer of a licensee or applicant or an individual who has the authority to participate in the direction, directly or indirectly through 1 or more other individuals, of the management or policies of a licensee or applicant.
  (i) "Depository financial institution" means a bank, national bank, savings and loan association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States whose deposits are insured by an agency of the federal government.
  (j) "Device or vehicle" means an object or information used to provide closed-loop prepaid access or prepaid access, such as a card, code, electronic serial number, mobile identification number, or personal identification number. A device or vehicle may be in either tangible or electronic form.
  (k) "Executive officer" means an officer, member, or partner of a licensee, including, but not limited to, a chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position.
  (l) "Financial licensing act" means any of the financial licensing acts, as that term is defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487.2052.
  (m) "Licensee" means a person that is licensed or required to be licensed under this act.
  (n) "Location" means a place of business at which activities regulated by this act occur.

History: 2006, Act 250, Imd. Eff. July 3, 2006 ;-- Am. 2018, Act 573, Eff. Mar. 28, 2019

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