MCL - Act 250 of 2006

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Chapter 487

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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

The People of the State of Michigan enact:

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