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MI SB0729
Bill
AI Summary
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Amends the Money Transmission Services Act to define key terms including "closed-loop prepaid access," "prepaid access," "payment instrument," and "material litigation" for regulatory clarity.
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Clarifies that the act does not apply to closed-loop prepaid access devices or vehicles with a maximum value not exceeding $2,000 on any day.
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Exempts depository financial institutions, bank holding companies, credit unions, and their subsidiaries or affiliates from money transmission licensing requirements if they maintain offices in Michigan.
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Exempts persons acting as agents of payees (those collecting payments on behalf of service providers) if they have a written agreement with the payee and meet other specified conditions.
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Takes effect 90 days after enactment.
Legislative Description
Financial institutions; money transmitters; exemption from requirements of money transmission services act for certain gift cards and other stored value devices; clarify. Amends secs. 2, 3 & 4 of 2006 PA 250 (MCL 487.1002 et seq.).
State agencies (existing): insurance and financial services
Last Action
Assigned Pa 573'18 With Immediate Effect 12/31/18 Addenda
12/31/2018