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Can you summarize MICL, Act 250 of 2006?
FINANCIAL INSTITUTIONS > MONEY TRANSMISSION SERVICES ACT (487.1001 - 487.1047)
Short Summary
The Money Transmission Services Act, under the Michigan Compiled Laws, governs the regulation of money transmission services in the state of Michigan. It applies to persons engaged in money transmission services, including agencies, applicants, and authorized delegates. The act defines various terms used in the act and provides definitions for specific instruments and entities involved in money transmission. The act does not apply to certain entities, such as governmental subdivisions, depository financial institutions, and registered securities broker-dealers. The act does not specify any penalties for non-compliance or violation. Overall, the act establishes the regulatory framework for money transmission services in Michigan.
Whom does it apply to?
The act applies to persons engaged in money transmission services, including agencies, applicants, and authorized delegates.
What does it govern?
The Money Transmission Services Act governs the regulation of money transmission services in Michigan.
What are exemptions?
The act does not apply to the United States or its agencies, the United States Postal Service or its contractors, governmental subdivisions, depository financial institutions, bank holding companies, credit union service organizations, corporations organized under the Edge Act, persons providing money transmission services as agents for certain entities, persons issuing closed-loop prepaid access devices with funds not exceeding $2,000.00, persons acting as agents of payees, electronic funds transfers of governmental benefits, designated contract markets and their service providers, registered futures commission merchants, clearing agencies under federal securities laws, operators of payment systems, and registered securities broker-dealers.
What are the Penalties?
The act does not specify any penalties for non-compliance or violation.
Jurisdiction
Michigan