MI SB1056

Amends the Money Transmission Services Act to clarify exemptions from licensing requirements for various entities.

Exempts depository financial institutions, bank holding companies, bank service companies, and their subsidiaries or affiliates if they maintain a main or branch office in Michigan.

Exempts persons acting as agents for exempt depository financial institutions when acting within the scope of their agency relationship.

Exempts electronic funds transfers of governmental benefits provided by contractors on behalf of federal, state, or local government entities.

Exempts operators of payment systems, securities broker-dealers, commodity exchanges, futures commission merchants, and clearing agencies to the extent they provide processing, clearing, and settlement services.