MCL - Act 250 of 2006


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.