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Act 250 of 2006
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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


© 2015 Legislative Council, State of Michigan

The People of the State of Michigan enact:

DocumentTypeDescription
Section 487.1001SectionShort title.
Section 487.1002SectionDefinitions; A to L.
Section 487.1003SectionDefinitions; M to T.
Section 487.1004SectionApplicability of act.
Section 487.1011SectionMoney transmission services; license required; exception.
Section 487.1012SectionLicense application; form; information required.
Section 487.1013SectionFinancial statements; net worth; qualification to do business; application fee; surety bond; aggregate liability of surety; limitation.
Section 487.1014SectionInvestigation; completed application; time period; issuance of license; fee; extension of time period; denial; request for hearing.
Section 487.1015SectionFee schedule; expiration and renewal of license.
Section 487.1016SectionTravel expenses; recovery of fees and fines; collection; disposition.
Section 487.1021SectionInformation obtained in examination or investigation; disclosure prohibited.
Section 487.1022SectionJoint examination or investigation.
Section 487.1023SectionChanged information; filing; events requiring filing of report.
Section 487.1024SectionProposed change of control of licensee; request for approval; additional information; approval by commissioner; determination.
Section 487.1025SectionRecords.
Section 487.1026SectionDisclosure of information.
Section 487.1031SectionPermissible investments.
Section 487.1032SectionInvestments permitted under MCL 487.1031; limitation.
Section 487.1033SectionAgreement between licensee and authorized delegate.
Section 487.1034SectionAuthorized delegate; prohibited conduct; duties.
Section 487.1041SectionDenying, suspending, not renewing, or revoking license; placing license in receivership; revoking designation of authorized delegate; conditions.
Section 487.1042SectionViolations; penalties; restitution.
Section 487.1043SectionSummary suspension order.
Section 487.1044SectionCease and desist order.
Section 487.1045SectionRules.
Section 487.1046SectionCivil fine.
Section 487.1047SectionOrder suspending or prohibiting person from being licensee and from being employed by, agent of, or control person of licensee.
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