Money Transmission Service Provider License
The Office of Financial and Insurance
Regulation issues money transmission services provider licenses to
persons selling or issuing payment instruments or stored value devices or
receiving money or monetary value for transmission. The term does not include
the provision solely of delivery, online, or telecommunications services or
network access.
A. NAME OF PERMIT OR APPROVAL:
Money Transmission Services Provider License
B. STATUTORY AUTHORITY:
Money Transmission Services Act, Public Act
250 of 2006, as amended, (MCL 487.1001 et seq).
C. APPLICABLE REGULATION:
N/A
D. SUMMARY OF PERMIT/APPROVAL PROCESS:
1.
Applicability
Any person conducting the activity stated above. This act does not apply to
any of the following:
- The United States or a department, agency, or
instrumentality of the United
States.
- Money transmission services
provided by the U.S. Postal Service or a contractor on behalf of the U.S.
Postal Service.
- A state, county, city, or
other governmental subdivision of a state.
- A depository financial
institution, office of an international banking corporation or branch of a
foreign bank, bank holding company or subsidiary, subsidiary or affiliate
of a depository financial institution, or a subsidiary of affiliate of a
holding company of a depository financial institution, if the depository
financial institution maintains its main office or a branch office in this
state, a credit union service organization, corporation organized under
the Edge Act, or a bank service company organized under the Bank Service
Company Act.
- Electronic funds transfer of
governmental benefits for a federal, state, county, or governmental agency
by a contractor on behalf of the United
States, or a department, agency, or instrumentality
of the United States
or a state or governmental subdivision, agency, or instrumentality of a
state.
- A board of trade designated
as a contract market under the Commodity Exchange Act or a person that in
the ordinary course of business provides clearance and settlement services
for a board of trade, to the extent of its operation as of or for that
board.
- A registered futures
commission merchant under the federal commodities laws, to the extent of
its operation as a merchant.
- A person that provides
clearance or settlement services under a registration as a clearing agency
or an exemption from registration granted under the federal securities
laws, to the extent of its operation as a provider under this subdivision.
- A person registered as a
securities broker-dealer under federal or state securities laws, to the
extent of its operation as a registered broker-dealer.
- An operator of a payment
system, to the extent that it provides processing, clearing, settlement,
or other similar services between or among persons excluded by this
section in connection with wire transfers, credit card transactions, debit
card transactions, stored value transactions, automated clearinghouse
transfers, or other similar funds transfers or transactions.
- A person involved in the
provision solely of delivery, online, or telecommunications services or
network access.
- A person that issues a stored
value device or other tangible object that is redeemable by the issuer
only in goods or services.
2.
Pre-Application Requirements
- Individuals using their
personal name on the application do not have pre-application requirements
before submitting the application.
- Individuals doing business
under an assumed name must first file the assumed name with their local
county clerk's office before submitting the application.
- Legal entities (corporations,
limited liability companies, limited partnerships, etc.) must have prior
approval from the Michigan Corporation Division to conduct business in Michigan prior to
submitting the application.
Provide confirmation of filing and acceptance of FinCEN
Form 107. Further information is available at http://www.fincen.gov/
3.
Application Submission Requirements
Application Forms Packet for Money
Transmission Service Providers
4.
Procedures and Time-Frame for Obtaining Approval
Up to 120 days
5.
Operational Requirements
Annual renewal
6.
Fees
Fee Schedule
7.
Appeal Process
8.
Public Input Opportunities
How to File a Complaint
E. Contact Information:
Contact
Us
Creation/Revision Date:
October
6, 2010
