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.

Renewal fee:

  • 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