Michigan Compiled Laws 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.
This act shall be known and may be cited as the "money transmission services act". History: 2006, Act 250, Imd. Eff. July 3, 2006
Section 487.1002 Definitions; A To L.
As used in this act: (a) "Agency" means the office of financial and insurance services in the department of labor and economic growth. (b)...
Section 487.1003 Definitions; M To T.
As used in this act: (a) "Material litigation" means litigation that, according to generally accepted accounting principles, is significant to an applicant's or a...
Section 487.1004 Applicability Of Act.
This act does not apply to any of the following: (a) The United States or a department, agency, or instrumentality of the United States....
Section 487.1011 Money Transmission Services; License Required; Exception.
(1) Except as otherwise provided in this section and subject to section 4, a person shall not provide money transmission services in this state...
Section 487.1012 License Application; Form; Information Required.
(1) A person applying for a license under this act shall apply on a form and in a medium prescribed by the commissioner. The...
Section 487.1013 Financial Statements; Net Worth; Qualification To Do Business; Application Fee; Surety Bond; Aggregate Liability Of Surety; Limitation.
(1) At the time of filing an application for a license under this act, an applicant shall provide the commissioner with copies of the...
Section 487.1014 Investigation; Completed Application; Time Period; Issuance Of License; Fee; Extension Of Time Period; Denial; Request For Hearing.
(1) When the commissioner receives a completed application for a license under this act, the commissioner shall investigate the financial condition and responsibility, financial...
Section 487.1015 Fee Schedule; Expiration And Renewal Of License.
(1) By December 31 of each year, the commissioner shall establish a schedule of fees to be paid by applicants and licensees during the...
Section 487.1016 Travel Expenses; Recovery Of Fees And Fines; Collection; Disposition.
(1) In addition to any fees established by the commissioner, a licensee shall pay the actual travel, lodging, and meal expenses incurred by any...
Section 487.1021 Information Obtained In Examination Or Investigation; Disclosure Prohibited.
The commissioner may conduct an examination or investigation of a licensee or any of its authorized delegates. Except as provided in section 26, the...
Section 487.1022 Joint Examination Or Investigation.
(1) The commissioner may conduct an on-site examination or investigation of records maintained under section 25, including a joint examination or investigation conducted with...
Section 487.1023 Changed Information; Filing; Events Requiring Filing Of Report.
(1) If there is a change in any information provided in a licensee's initial or renewal application, the licensee shall file the changed information...
Section 487.1024 Proposed Change Of Control Of Licensee; Request For Approval; Additional Information; Approval By Commissioner; Determination.
(1) If there is a proposed change of control of a licensee, the licensee shall do all of the following: (a) Give the commissioner...
Section 487.1025 Records.
(1) A licensee or any person subject to this act shall maintain all of the following records for at least 3 years: (a) A...
Section 487.1026 Disclosure Of Information.
(1) The commissioner, each former commissioner, and each current and former deputy, agent, and employee of the agency shall keep secret all facts and...
Section 487.1031 Permissible Investments.
(1) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of...
Section 487.1032 Investments Permitted Under Mcl 487.1031; Limitation.
(1) Except to the extent otherwise limited by the commissioner under section 31(2), each of the following investments is permissible under section 31: (a)...
Section 487.1033 Agreement Between Licensee And Authorized Delegate.
(1) An agreement between a licensee and an authorized delegate shall be in writing and require the authorized delegate to operate in compliance with...
Section 487.1034 Authorized Delegate; Prohibited Conduct; Duties.
(1) An authorized delegate shall not make any fraudulent or false statement or misrepresentation to a customer or licensee or to the commissioner. (2)...
Section 487.1041 Denying, Suspending, Not Renewing, Or Revoking License; Placing License In Receivership; Revoking Designation Of Authorized Delegate; Conditions.
(1) The commissioner may deny, suspend, not renew, or revoke a license, place a licensee in receivership, or order a licensee to revoke the...
Section 487.1042 Violations; Penalties; Restitution.
(1) A person that intentionally makes a false statement, misrepresentation, or false certification in any record or document filed or required to be maintained...
Section 487.1043 Summary Suspension Order.
(1) After conducting an investigation or examination, the commissioner may issue an order summarily suspending a license under section 92 of the administrative procedures...
Section 487.1044 Cease And Desist Order.
(1) If in the opinion of the commissioner a licensee is, has, or is about to engage in a practice that poses a threat...
Section 487.1045 Rules.
The commissioner may promulgate rules under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, that he or she considers...
Section 487.1046 Civil Fine.
The commissioner may assess a civil fine against a person that violates this act, a rule promulgated or an order or ruling issued by...
Section 487.1047 Order Suspending Or Prohibiting Person From Being Licensee And From Being Employed By, Agent Of, Or Control Person Of Licensee.
(1) If in the opinion of the commissioner a person has engaged in fraud or has been convicted of a criminal violation involving money...

Last modified: October 10, 2016