New Law Money Transmitters
Act 167 (2013)
Please see Act 167 for the text of the new law.
- Authorizes DFI Commissioner to require MTs to register with the NMLS (a system for state licensing and registration of state-licensed financial services providers).
- Establishes a MT license surrender provision.
- Changes bond for first 12 mo. licensure from $1,000 to $10,000. Thereafter, bond amount is calculated based on annualized money transmissions.
- Changes fine for violations of MT regulations to $1000/day.
- Licensee with 5,000 or fewer money transmissions a year $3,000.
- Highest renewal fee level will be $20,000, for a licensee with more than 200,000 transmissions