Sec. 11.
(1) Except as otherwise provided in this section and subject to section 4, a person shall not provide money transmission services in this state after December 31, 2006 without a license under this act or a class I license issued under the consumer financial services act, 1988 PA 161, MCL 487.2051 to 487.2072.
(2) A person licensed under the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, on the day before the effective date of this act may continue to provide money transmission services under that license until December 31, 2006.
(3) A license under this act is not required for a person to act as an authorized delegate of a person licensed under this act.
History: 2006, Act 250, Imd. Eff. July 3, 2006
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)
Section 487.1001 - Short Title.
Section 487.1002 - Definitions; a to L.
Section 487.1003 - Definitions; M to T.
Section 487.1004 - Applicability of Act.
Section 487.1011 - Money Transmission Services; License Required; Exception.
Section 487.1012 - License Application; Form; Information Required.
Section 487.1015 - Fee Schedule; Expiration and Renewal of License.
Section 487.1016 - Travel Expenses; Recovery of Fees and Fines; Collection; Disposition.
Section 487.1021 - Information Obtained in Examination or Investigation; Disclosure Prohibited.
Section 487.1022 - Joint Examination or Investigation.
Section 487.1023 - Changed Information; Filing; Events Requiring Filing of Report.
Section 487.1026 - Disclosure of Information.
Section 487.1031 - Permissible Investments.
Section 487.1032 - Investments Permitted Under MCL 487.1031; Limitation.
Section 487.1033 - Agreement Between Licensee and Authorized Delegate.
Section 487.1034 - Authorized Delegate; Prohibited Conduct; Duties.
Section 487.1042 - Violations; Penalties; Restitution.
Section 487.1043 - Summary Suspension Order.
Section 487.1044 - Cease and Desist Order.