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MI HB4107
Bill
Status
12/31/2019
Primary Sponsor
Diana Farrington
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AI Summary
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Amends MCL 750.411j to add "cryptocurrency" to the definition of "monetary instrument" in Michigan's money laundering statutes.
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Defines cryptocurrency as digital currency using encryption techniques to regulate generation of currency units and verify fund transfers, operating independently of a central bank.
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Expands the scope of financial transactions and proceeds subject to money laundering laws to include cryptocurrency transactions.
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Effective date is 90 days after enactment (March 19, 2020).
Legislative Description
Crimes; definitions; definition of cryptocurrency in money laundering definition section of penal code; provide for. Amends sec. 411j of 1931 PA 328 (MCL 750.411j).
Crimes: definitions
Last Action
Assigned Pa 171'19
12/31/2019