Terms Used In Michigan Laws 487.1041

  • Authorized delegate: means a person that a licensee designates to provide money transmission services in this state on behalf of the licensee. See Michigan Laws 487.1002
  • Control: means any of the following:
  (i) Ownership of, or the power to vote, directly or indirectly, at least 25% of a class of voting securities or voting interests of a licensee or person in control of a licensee. See Michigan Laws 487.1002
  • Fraud: Intentional deception resulting in injury to another.
  • Licensee: means a person that is licensed or required to be licensed under this act. See Michigan Laws 487.1002
  • Money: means a medium of exchange authorized or adopted by the United States or a foreign government as a part of its currency that is customarily used and accepted as a medium of exchange in the country of issuance. See Michigan Laws 487.1003
  • Money transmission services: means selling or issuing payment instruments or closed-loop prepaid access or prepaid access devices or vehicles or receiving money or monetary value for transmission. See Michigan Laws 487.1003
  • Person: means an individual, partnership, association, corporation, limited liability company, trust, estate, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or any other legal entity. See Michigan Laws 487.1003
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or protectorate of the United States. See Michigan Laws 487.1003
  • Statute: A law passed by a legislature.
  •   (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.