§ 487.1001 Short title
§ 487.1002 Definitions; A to L
§ 487.1003 Definitions; M to T
§ 487.1004 Applicability of act
§ 487.1011 Money transmission services; license required; exception
§ 487.1012 License application; form; information required
§ 487.1013 Financial statements; net worth; qualification to do business; application fee; surety bond; aggregate liability of surety; limitation
§ 487.1014 Investigation; completed application; time period; issuance of license; fee; extension of time period; denial; request for hearing
§ 487.1015 Fee schedule; expiration and renewal of license
§ 487.1016 Travel expenses; recovery of fees and fines; collection; disposition
§ 487.1021 Information obtained in examination or investigation; disclosure prohibited
§ 487.1022 Joint examination or investigation
§ 487.1023 Changed information; filing; events requiring filing of report
§ 487.1024 Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination
§ 487.1025 Records
§ 487.1026 Disclosure of information
§ 487.1031 Permissible investments
§ 487.1032 Investments permitted under MCL 487.1031; limitation
§ 487.1033 Agreement between licensee and authorized delegate
§ 487.1034 Authorized delegate; prohibited conduct; duties
§ 487.1041 Denying, suspending, not renewing, or revoking license; placing license in receivership; revoking designation of authorized delegate; conditions
§ 487.1042 Violations; penalties; restitution
§ 487.1043 Summary suspension order
§ 487.1044 Cease and desist order
§ 487.1045 Rules
§ 487.1046 Civil fine
§ 487.1047 Order suspending or prohibiting person from being licensee and from being employed by, agent of, or control person of licensee

Terms Used In Michigan Laws > Chapter 487 > Act 250 of 2006 - Money Transmission Services Act

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agent of a payee: means a person appointed by a payee to collect and process payments as the bona fide agent of the payee. See Michigan Laws 487.1002
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Applicant: means a person that files an application for a license under this act. See Michigan Laws 487.1002
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Closed-loop prepaid access: means access to funds or the value of funds that is paid in advance, may be retrieved or transferred at some time in the future through a device or vehicle, and may be used only to acquire goods or services in transactions that involve 1 or more specific merchants or 1 or more specific locations. See Michigan Laws 487.1002
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • Control person: means a director, manager, or executive officer of a licensee or applicant or an individual who has the authority to participate in the direction, directly or indirectly through 1 or more other individuals, of the management or policies of a licensee or applicant. See Michigan Laws 487.1002
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • department: means the department of insurance and financial services. See Michigan Laws 487.1002
  • Depository financial institution: means a bank, national bank, savings and loan association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States whose deposits are insured by an agency of the federal government. See Michigan Laws 487.1002
  • Device or vehicle: means an object or information used to provide closed-loop prepaid access or prepaid access, such as a card, code, electronic serial number, mobile identification number, or personal identification number. See Michigan Laws 487.1002
  • director: means the director of the department or his or her designee. See Michigan Laws 487.1002
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Executive officer: means an officer, member, or partner of a licensee, including, but not limited to, a chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position. See Michigan Laws 487.1002
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Financial licensing act: means any of the financial licensing acts, as that term is defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487. See Michigan Laws 487.1002
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Licensee: means a person that is licensed or required to be licensed under this act. See Michigan Laws 487.1002
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Location: means a place of business at which activities regulated by this act occur. See Michigan Laws 487.1002
  • Material litigation: means litigation that, according to generally accepted accounting principles, is significant to an applicant's or a licensee's financial health and must be disclosed in the applicant's or licensee's audited financial statements, report to shareholders, or similar records. See Michigan Laws 487.1003
  • 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
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Payee: means the provider of goods or services, not including money transmission services, that is owed payment of money or other monetary value from the person that is paying for the goods or services. See Michigan Laws 487.1003
  • Payment instrument: means any electronic or written check, draft, money order, travelers check, or other wire, electronic, or written instrument or order for the transmission or payment of money, sold or issued to 1 or more persons, whether or not the instrument is negotiable. 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
  • Prepaid access: means access to funds or the value of funds that have been paid in advance and can be retrieved or transferred at some point in the future through a device or vehicle. See Michigan Laws 487.1003
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 487.1003
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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.
  • Testify: Answer questions in court.
  • Travelers check: means an instrument for the payment of money or a foreign currency instrument in any denomination that provides for both of the following:
  •   (i) A specimen signature of the purchaser to be completed at the time of purchase of the instrument. See Michigan Laws 487.1003
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o