Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)

Section 487.1001 - Short Title. - Sec. 1. This act shall be known and may be...

Section 487.1002 - Definitions; a to L. - Sec. 2. As used in this act: (a) "Agency" or...

Section 487.1003 - Definitions; M to T. - Sec. 3. As used in this act: (a) "Material litigation"...

Section 487.1004 - Applicability of Act. - Sec. 4. This act does not apply to any of...

Section 487.1011 - Money Transmission Services; License Required; Exception. - Sec. 11. (1) Except as otherwise provided in this section...

Section 487.1012 - License Application; Form; Information Required. - Sec. 12. (1) A person applying for a license under...

Section 487.1013 - Financial Statements; Net Worth; Qualification to Do Business; Application Fee; Surety Bond; Aggregate Liability of Surety; Limitation. - Sec. 13. (1) At the time of filing an application...

Section 487.1014 - Investigation; Completed Application; Time Period; Issuance of License; Fee; Extension of Time Period; Denial; Request for Hearing. - Sec. 14. (1) When the commissioner receives a completed application...

Section 487.1015 - Fee Schedule; Expiration and Renewal of License. - Sec. 15. (1) By December 31 of each year, the...

Section 487.1016 - Travel Expenses; Recovery of Fees and Fines; Collection; Disposition. - Sec. 16. (1) In addition to any fees established by...

Section 487.1021 - Information Obtained in Examination or Investigation; Disclosure Prohibited. - Sec. 21. The commissioner may conduct an examination or investigation...

Section 487.1022 - Joint Examination or Investigation. - Sec. 22. (1) The commissioner may conduct an on-site examination...

Section 487.1023 - Changed Information; Filing; Events Requiring Filing of Report. - Sec. 23. (1) If there is a change in any...

Section 487.1024 - Proposed Change of Control of Licensee; Request for Approval; Additional Information; Approval by Commissioner; Determination. - Sec. 24. (1) If there is a proposed change of...

Section 487.1025 - Records. - Sec. 25. (1) A licensee or any person subject to...

Section 487.1026 - Disclosure of Information. - Sec. 26. (1) The commissioner, each former commissioner, and each...

Section 487.1031 - Permissible Investments. - Sec. 31. (1) A licensee shall maintain at all times...

Section 487.1032 - Investments Permitted Under MCL 487.1031; Limitation. - Sec. 32. (1) Except to the extent otherwise limited by...

Section 487.1033 - Agreement Between Licensee and Authorized Delegate. - Sec. 33. (1) An agreement between a licensee and an...

Section 487.1034 - Authorized Delegate; Prohibited Conduct; Duties. - Sec. 34. (1) An authorized delegate shall not make any...

Section 487.1041 - Denying, Suspending, Not Renewing, or Revoking License; Placing License in Receivership; Revoking Designation of Authorized Delegate; Conditions. - Sec. 41. (1) The commissioner may deny, suspend, not renew,...

Section 487.1042 - Violations; Penalties; Restitution. - Sec. 42. (1) A person that intentionally makes a false...

Section 487.1043 - Summary Suspension Order. - Sec. 43. (1) After conducting an investigation or examination, the...

Section 487.1044 - Cease and Desist Order. - Sec. 44. (1) If in the opinion of the commissioner...

Section 487.1045 - Rules. - Sec. 45. The commissioner may promulgate rules under the administrative...

Section 487.1046 - Civil Fine. - Sec. 46. The commissioner may assess a civil fine against...

Section 487.1047 - Order Suspending or Prohibiting Person From Being Licensee and From Being Employed By, Agent Of, or Control Person of Licensee. - Sec. 47. (1) If in the opinion of the commissioner...