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.
Money Transmission Services Act - Amended (effective March 28, 2019)