Sec. 41.
(1) The commissioner may deny, suspend, not renew, or revoke a license, place a licensee in receivership, or order a licensee to revoke the designation of an authorized delegate if any of the following occur:
(a) The licensee violates this act, a rule promulgated under this act, an order or declaratory ruling issued under this act, or any applicable state or federal law.
(b) The licensee does not grant access to its books and records during the course of an examination or investigation by the commissioner.
(c) The licensee engages in fraud, intentional misrepresentation, or gross negligence.
(d) An authorized delegate of the licensee is convicted of a violation of a state or federal anti-money-laundering statute or violates a rule promulgated or an order or ruling issued under this act, as a result of the licensee's knowing or willful misconduct.
(e) The experience, character, or general fitness of the licensee, authorized delegate, or control person indicates that it is not in the public interest to permit the person to provide money transmission services.
(f) Subject to subsection (2), the licensee engages in an unsafe or unsound practice.
(g) The licensee fails to maintain the minimum net worth required under section 13(1) or is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors.
(h) The licensee does not remove an authorized delegate after the commissioner issues and serves upon the licensee an order that includes a finding that the authorized delegate has violated this act.
(2) In determining whether a licensee is engaging in an unsafe or unsound practice, the commissioner may consider the size and condition of the licensee's money transmission services business, the magnitude of the loss, the gravity of the violation of this act, the previous conduct of the person involved, and other factors the commissioner considers relevant.
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.