Can I collect bank account information from participants in Michigan? What are the requirements?

Based on the information provided in the context documents, it appears that you cannot collect bank account information from participants in Michigan for internet wagering accounts. MIAC R 432.655 specifies the information that must be included in an electronic authorized participant file to establish an internet wagering account, but there is no mention of collecting bank account information. Additionally, MIAC R 432.656 outlines the account statement and activity details that must be provided to an authorized participant, but again, there is no mention of bank account information.

Furthermore, MIAC R 432.655a specifies the various means by which an authorized participant’s internet wagering account may be funded, including credit or debit card, cash or cash equivalent deposit, reloadable prepaid card, promotional credit, winnings, ACH transfer, wire transfer, or any other means approved by the board. However, there is no mention of collecting bank account information.

Therefore, based on the information provided in the context documents, it does not appear that you can collect bank account information from participants in Michigan for internet wagering accounts.

However, if you are looking to engage in other activities related to banking in Michigan, it may be helpful to review MICL 487.14109, which outlines the activities that an agent of a bank may engage in.

[MIAC R 432.655][MIAC R 432.656][MIAC R 432.655a][MICL 487.14109]

Jurisdiction

Michigan

• Privacy