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MI HB4087

Bill

Official Source

Status

Introduced

1/25/2017

Primary Sponsor

Leslie Love

Click for details

Origin

House of Representatives

99th Legislature

AI Summary

  • Amends the Money Transmission Services Act (2006 PA 250) by adding Section 35 to require fee disclosure at money transmission locations
  • Money transmission licensees and authorized delegates must post signs in boldfaced, 36-point or larger type at each location where they provide services
  • Signs must be posted in a conspicuous, publicly visible location and disclose all fees charged for each money transmission service offered
  • Takes effect 90 days after enactment into law
  • Introduced January 25, 2017 by Representatives Love, Geiss, Chang, Rabhi, Peterson, Hammoud, Lasinski, Robinson, Neeley, Liberati, Elder, Lucido, and Green

Legislative Description

Financial institutions; money transmitters; posting of fees for money orders and other money transmission services; require. Amends 2006 PA 250 (MCL 487.1001 - 487.1047) by adding sec. 35.

Financial institutions: money transmitters

Last Action

Bill Electronically Reproduced 01/25/2017

1/26/2017

Committee Referrals

Financial Services1/25/2017

Full Bill Text

No bill text available