reglab/housing_qa huggingface dataset:
MI Comp L § 487.1011 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1011 - Money Transmission Services; License Required; Exception.

487.1011 Money transmission services; license required; exception.Sec. 11.  (1) Except as otherwise provided in this section and subject to section 4, a person shall not provide money transmission services in this state after December 31, 2006 without a license under this act or a class I license issued under the consumer financial services act, 1988 PA 161, MCL 487.2051 to 487.2072.  (2) A person licensed under the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, on the day before the effective date of this act may continue to provide money transmission services under that license until December 31, 2006.  (3) A license under this act is not required for a person to act as an authorized delegate of a person licensed under this act. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1014 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1014 - Investigation; Completed Application; Time Period; Issuance of License; Fee; Extension of Time Period; Denial; Request for Hearing.

487.1014 Investigation; completed application; time period; issuance of license; fee; extension of time period; denial; request for hearing.Sec. 14.  (1) When the commissioner receives a completed application for a license under this act, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant and may reasonably conduct a similar investigation of each control person of the applicant under this subsection. The commissioner may conduct an on-site investigation of the applicant.  (2) When the commissioner determines that an application for a license under this act is complete, the commissioner shall promptly notify the applicant in writing of the date on which he or she determined that the application was complete and shall approve or deny the application within 120 days after that date. Subject to subsection (5), if the commissioner does not approve or deny an application within that 120-day period, the commissioner shall issue the license.  (3) The commissioner shall issue a license to an applicant under this act if the commissioner determines all of the following:  (a) That the applicant has complied with sections 12, 13, and 16.  (b) That the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant and the experience, character, and general fitness of each control person and any shareholders of the applicant meet the requirements of this act.  (c) That the applicant commands the confidence of the public and warrants the belief that the applicant and its executive officers will comply with the law.  (d) That the applicant has paid the license fee under subsection (4).  (4) If an application for a license is approved under this section, the licensee shall pay a license fee in an amount established by the commissioner under section 15 within 30 days after the date of approval.  (5) The commissioner may for good cause extend the 120-day time period described in subsection (2).  (6) An applicant whose application is denied by the commissioner under this act may appeal within 30 days after the date of the notice of the denial and request a hearing on the denial. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1015 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1015 - Fee Schedule; Expiration and Renewal of License.

487.1015 Fee schedule; expiration and renewal of license.Sec. 15.  (1) By December 31 of each year, the commissioner shall establish a schedule of fees to be paid by applicants and licensees during the next calendar year. In establishing license fees, the commissioner shall consider each licensee's business volume and number of locations and any other business factors he or she considers reasonable in order to generate funds sufficient to pay, but not to exceed, the office's reasonably anticipated costs of administering this act.  (2) A license issued under this act expires on December 31 of each year unless earlier suspended, surrendered, or revoked under this act. A licensee may renew a license by filing an application for a license renewal, in the form and medium prescribed by the commissioner, and paying the license fee for the renewal year, on or before the December 1 preceding the renewal year. The commissioner shall not renew a license if the license fee for the renewal term is not paid. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1016 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1016 - Travel Expenses; Recovery of Fees and Fines; Collection; Disposition.

487.1016 Travel expenses; recovery of fees and fines; collection; disposition.Sec. 16.  (1) In addition to any fees established by the commissioner, a licensee shall pay the actual travel, lodging, and meal expenses incurred by any agency employee who travels outside of this state to examine the records of the licensee or investigate the licensee. An agency employee who incurs expenses under this subsection shall comply with any applicable provisions of the standardized travel regulations issued by the department of management and budget and civil service commission.  (2) If any fees or fines provided for in this act are not paid when required, the commissioner may maintain an action against the licensee for the recovery of the fees or fines, interest, costs, and reasonable legal fees.  (3) The fees and civil and administrative fines collected under this act shall be paid into the state treasury to the credit of the agency and used only for the operation of the agency. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1021 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1021 - Information Obtained in Examination or Investigation; Disclosure Prohibited.

487.1021 Information obtained in examination or investigation; disclosure prohibited.Sec. 21.  The commissioner may conduct an examination or investigation of a licensee or any of its authorized delegates. Except as provided in section 26, the commissioner and the agency shall not disclose information obtained in an examination or investigation. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1022 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1022 - Joint Examination or Investigation.

487.1022 Joint examination or investigation.Sec. 22.  (1) The commissioner may conduct an on-site examination or investigation of records maintained under section 25, including a joint examination or investigation conducted with representatives of other departments or agencies of this state, 1 or more agencies of another state, or of the federal government.  (2) The commissioner may accept an examination or investigation report of a department or agency of this state or of another state or of the federal government or a report prepared by a certified public accountant instead of conducting an examination or investigation.  (3) A joint examination or investigation or an acceptance of an examination or investigation report under this section does not preclude the commissioner from conducting his or her own examination or investigation.  (4) The report of a joint investigation or an examination report accepted by the commissioner under this section is an official report of the commissioner for all purposes. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1023 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1023 - Changed Information; Filing; Events Requiring Filing of Report.

487.1023 Changed information; filing; events requiring filing of report.Sec. 23.  (1) If there is a change in any information provided in a licensee's initial or renewal application, the licensee shall file the changed information with the commissioner before the change occurs, unless the commissioner prescribes a different deadline for filing the changed information that is not later than 5 business days after the change occurs. The commissioner shall consider whether it is feasible for the licensee to file the changed information before the change occurs in prescribing a different deadline.  (2) A licensee that submits a renewal application to the commissioner shall include with the application a current list of the names and street addresses of each authorized delegate and location in this state where the licensee or authorized delegates of the licensee provide money transmission services.  (3) A licensee shall file a report with the agency within 3 business days after the licensee has reason to know of the occurrence of any of the following events:  (a) The filing of a petition by or against the licensee under the bankruptcy code, 11 USC 101 to 1330, for bankruptcy or reorganization.  (b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.  (c) The commencement of a proceeding to revoke or suspend a license of the licensee in this state, another state, or a country in which the licensee engages in business or is licensed.  (d) A charge or conviction of the licensee or of an executive officer, manager, director, or control person of the licensee for a felony.  (e) A charge or conviction of an authorized delegate for a felony. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1024 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1024 - Proposed Change of Control of Licensee; Request for Approval; Additional Information; Approval by Commissioner; Determination.

487.1024 Proposed change of control of licensee; request for approval; additional information; approval by commissioner; determination.Sec. 24.  (1) If there is a proposed change of control of a licensee, the licensee shall do all of the following:  (a) Give the commissioner written notice of a proposed change of control 30 days or more before the proposed change of control.  (b) Request approval of the proposed change of control.  (c) Pay a nonrefundable fee with the notice, in an amount prescribed by the commissioner.  (2) After review of a request for approval under subsection (1), the commissioner may require the licensee to provide additional information concerning each proposed control person of the licensee. However, the commissioner shall only require that the licensee provide additional information of the same type required of the licensee or any control person of the licensee as part of the licensee's original license or renewal application.  (3) The commissioner shall approve a request for change of control under subsection (1) if, after investigation, the commissioner determines that the person or group of persons requesting approval has the experience, character, and general fitness to operate the licensee in a lawful and proper manner.  (4) Subsection (1) does not apply to a public offering of securities. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1025 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1025 - Records.

487.1025 Records.Sec. 25.  (1) A licensee or any person subject to this act shall maintain all of the following records for at least 3 years:  (a) A record of each payment instrument from the date it was created.  (b) A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts.  (c) Bank statements and bank reconciliation records.  (d) Records of outstanding payment instruments.  (e) Records of each payment instrument paid within the 3-year period.  (f) A list of the last known names and addresses of all of the licensee's authorized delegates.  (g) Any other records the commissioner reasonably requires.  (2) The records described in subsection (1) may be stored on any tangible medium or in any electronic or other medium that is immediately retrievable in perceivable form.  (3) A licensee or other person may maintain the records described in subsection (1) outside of this state if they are made accessible to the commissioner. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1026 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1026 - Disclosure of Information.

487.1026 Disclosure of information.Sec. 26.  (1) The commissioner, each former commissioner, and each current and former deputy, agent, and employee of the agency shall keep secret all facts and information obtained in the course of their duties, unless that person is required under law to report on, take official action concerning, or testify in any proceedings regarding a licensee or the activities of a licensee.  (2) This section does not apply to, and does not prohibit the furnishing of information or documents to, any federal, foreign, or out-of-state regulatory agency with jurisdiction over a licensee and is not applicable to any disclosure made in the public interest by the commissioner, at his or her discretion. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1031 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1031 - Permissible Investments.

487.1031 Permissible investments.Sec. 31.  (1) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments issued or sold and money transmitted by the licensee.  (2) The commissioner may limit the extent to which a type of investment within a class of permissible investments is considered a permissible investment by any licensee, except for money and certificates of deposit issued by a depository financial institution. The commissioner by order or declaratory ruling may allow other types of investments that the commissioner determines to have a safety substantially equivalent to other permissible investments.  (3) Even if commingled with other assets of a licensee, permissible investments are held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments in the event of bankruptcy or receivership of the licensee.  (4) As used in this section, "permissible investments" means the investments described in section 32 or allowed by the commissioner under subsection (2). History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1033 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1033 - Agreement Between Licensee and Authorized Delegate.

487.1033 Agreement between licensee and authorized delegate.Sec. 33.  (1) An agreement between a licensee and an authorized delegate shall be in writing and require the authorized delegate to operate in compliance with this act and other applicable law. The licensee shall furnish in writing to each authorized delegate policies and procedures sufficient for compliance with this act and other applicable law.  (2) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the agreement between the licensee and the authorized delegate.  (3) If a license is suspended or revoked, the commissioner shall notify the licensee and order the licensee to send a notice to its authorized delegates directing them to cease providing money transmission services on behalf of the licensee, and the authorized delegate shall immediately cease providing money transmission services as an authorized delegate of the licensee.  (4) An authorized delegate shall not provide money transmission services outside the scope of activity permissible under the agreement between the authorized delegate and the licensee, except activity in which the authorized delegate is otherwise authorized to engage. An authorized delegate of a licensee holds all money received from providing money transmission services, reduced by any fees owed to the authorized delegate by the licensee, in escrow for the benefit of the licensee.  (5) As used in this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a depository financial institution in an account specified by the licensee. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1034 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1034 - Authorized Delegate; Prohibited Conduct; Duties.

487.1034 Authorized delegate; prohibited conduct; duties.Sec. 34.  (1) An authorized delegate shall not make any fraudulent or false statement or misrepresentation to a customer or licensee or to the commissioner.  (2) An authorized delegate shall perform money transmission services lawfully and in accordance with the licensee's operating policies and procedures provided to the authorized delegate.  (3) All funds received by an authorized delegate from the sale of a payment instrument, less fees, shall be held in trust for the licensee from the time the funds are received by the authorized delegate until the time the funds are remitted to the licensee.  (4) If an authorized delegate commingles any of the funds received with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property are impressed with a trust for the licensee in an amount equal to the amount of the funds due the licensee.  (5) An authorized delegate shall report to the licensee the theft or loss of a payment instrument within 24 hours after the theft or loss. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1041 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1041 - Denying, Suspending, Not Renewing, or Revoking License; Placing License in Receivership; Revoking Designation of Authorized Delegate; Conditions.

487.1041 Denying, suspending, not renewing, or revoking license; placing license in receivership; revoking designation of authorized delegate; conditions.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
MI Comp L § 487.1042 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1042 - Violations; Penalties; Restitution.

487.1042 Violations; penalties; restitution.Sec. 42.  (1) A person that intentionally makes a false statement, misrepresentation, or false certification in any record or document filed or required to be maintained under this act or that intentionally makes a false entry or omits a material entry in a record is guilty of a felony punishable by imprisonment for not more than 5 years or a fine of not more than $100,000.00, or both.  (2) A person that engages in criminal fraud in the conduct of its money transmission services business is guilty of a felony punishable by imprisonment for not more than 5 years or a fine of not more than $100,000.00, or both.  (3) A person that knowingly engages in an activity for which a license is required under this act and is not licensed under this act is guilty of a felony punishable by imprisonment for not more than 5 years or a fine of not more than $100,000.00, or both. A court shall order a person convicted of violating subsection (1) or (2) to pay restitution as provided in section 1a of chapter IX of the code of criminal procedure, 1927 PA 175, MCL 769.1a, and the crime victim's rights act, 1985 PA 87, MCL 780.751 to 780.834. History: 2006, Act 250, Imd. Eff. July 3, 2006
MI Comp L § 487.1043 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 250 of 2006 - Money Transmission Services Act (487.1001 - 487.1047)|Section 487.1043 - Summary Suspension Order.

487.1043 Summary suspension order.Sec. 43.  (1) After conducting an investigation or examination, the commissioner may issue an order summarily suspending a license under section 92 of the administrative procedures act of 1969, 1969 PA 306, MCL 24.292, based on an affidavit by a person familiar with the facts set forth in the affidavit stating that, on information and belief, an imminent threat of financial loss or imminent threat to the public welfare exists.  (2) If the commissioner issues a summary suspension order under section 92 of the administrative procedures act of 1969, 1969 PA 306, MCL 24.292, an administrative law hearings examiner shall grant a request to dissolve a summary suspension order unless the examiner finds that an imminent threat of financial loss or imminent threat to the public welfare exists that requires an emergency action and continuation of the summary suspension order.  (3) The record created at a hearing on a summary suspension is part of the record of the complaint at any subsequent hearing in a contested case. History: 2006, Act 250, Imd. Eff. July 3, 2006