Money Transmission Services
The Money Transmission Services Act provides for the licensing and regulation of money transmission in the state of Michigan. Money transmission includes the selling or issuing of payment instruments or stored value devices or receiving money or monetary value for transmission. A money transmission licensee is required to demonstrate and maintain a minimum net worth of $100,000 up to a maximum of $1,500,000. Net worth and surety bond amounts are determined based on the number of locations and authorized delegates operated by the licensee.
How To Become Licensed
- Fee Schedule - Money Transmission
- Link to NMLS
- FIS 2053 Financial Statement Disclosure
- FIS 2060 Bond - Money Transmission Services Provider
- FIS 2061 List of Authorized Delegates and Additional Locations. This filing can be made by enclosing a CD containing the completed file in an Excel compatible format.