Michigan Money Transmitter Licensing Requirements:
Who needs to be licensed as a money transmitter licensee?
Under Michigan statute, all entities providing money transmission services must obtain the appropriate license from OFIR and comply with the provisions of the act. In Michigan, only businesses selling or issuing of payment instruments or stored value devices, or receiving money or monetary value for transmission, must obtain a money transmitter license.
Specific license requirements for Michigan money transmitters.
Registering as a money transmitter in Maine requires the following fees and documentation:
What are the Michigan surety bonding requirements?
Bonding requirements for Michigan money transmitter license include:
Requirements for Michigan money transmitters include a $500,000 bond, + $10,000 bond for each additional location, not amounting to more than $1,500,000.
Additional resources: Michigan Money Transmission Services Act
Who needs to be licensed as a money transmitter licensee?
Under Michigan statute, all entities providing money transmission services must obtain the appropriate license from OFIR and comply with the provisions of the act. In Michigan, only businesses selling or issuing of payment instruments or stored value devices, or receiving money or monetary value for transmission, must obtain a money transmitter license.
Specific license requirements for Michigan money transmitters.
Registering as a money transmitter in Maine requires the following fees and documentation:
- $600 investigation fee
- $2,500 license fee + $50 for each additional location, not amounting to more than $3,000
- Net worth of $100,000 + $25,000 for each location and delegate, not amounting to more than $1,000,000
- Intended amount of authorized delegates and locations
- Organizational flow chart if not a wholly owned subsidiary
- Step-by-step description of money transmission service to be provided
- Web address that business will be conducted through + security and privacy precautions
- Description of material litigation and criminal convictions in the past 10 years
- Money transmitter policies and procedures applicant will use to assure compliance with anti-money laundering and bank secrecy act requirements
- Confirmation of FinCEN filing
- Compliance officer + plans for regular independent review and monitoring of authorized delegate compliance
- Date and location of any bankruptcy or receivership proceedings
- List of all officers and members of Board of Directors and Board of Trade, executive committee, controlling persons, partners, sole proprietors, shareholders of 20%, members of LLC and affiliation disclosure
- Documentation of any convictions or criminal charges, administrative proceedings regarding professional or occupational license, liability in any lawsuit or arbitration involving allegations of fraud, misappropriation, conversion of funds, misrepresentation or breach of fiduciary duty
- Personal or business bankruptcy history
- Financial service licenses issued by other states
- Experience in consumer financial services business and firms you have been employed by
- Employment history over past 10 years
- Firms, companies, corporations, or other business organizations where you have been a director, officer, employee, partner, owner, or member
- List of all additional persons with any ownership interest in the applicant company, including their company, residence, % ownership (including corporate stockholders), and AD
- Michigan Resident Agent for which process is served in Michigan
- Written business plan that includes the scope of the business, financial arrangements, relationships and agreements, the target market, sources of funding and redit, use of authorized delegates and employees, other information relevant to the money transmission business
- Financial Statement Disclosure for each of the previous two years, if available, signed and notarized
- Contact person
- Company’s state and date of origin
What are the Michigan surety bonding requirements?
Bonding requirements for Michigan money transmitter license include:
Requirements for Michigan money transmitters include a $500,000 bond, + $10,000 bond for each additional location, not amounting to more than $1,500,000.
Additional resources: Michigan Money Transmission Services Act
