A bill to amend 2006 PA 250, entitled “Money transmission services act,” by amending sections 2, 3, and 25 (MCL 487.1002, 487.1003, and 487.1025), sections 2 and 3 as amended by 2018 PA 573, and by adding sections 21a and 35.
Senate Bill No. 774 amends Michigan's Money Transmission Services Act to require licensees to verify that senders of foreign remittance transfers are not unauthorized aliens, mandates detailed recordkeeping and quarterly reporting, and imposes significant civil fines for noncompliance.
Co-sponsored by Sens.
Referred to the Committee on Finance, Insurance, and Consumer Protection
