Bill Text: MI SB1056 | 2015-2016 | 98th Legislature | Engrossed

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Bill Title: Financial institutions; money transmitters; parity for depository financial institutions under the money transmission services act; establish. Amends sec. 4 of 2006 PA 250 (MCL 487.1004).

Spectrum: Partisan Bill (Republican 2-0)

Status: (Engrossed - Dead) 2016-12-01 - Referred To Committee On Financial Services [SB1056 Detail]

Download: Michigan-2015-SB1056-Engrossed.html

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SB-1056, As Passed Senate, December 1, 2016

 

 

 

 

 

 

 

 

 

 

 

SUBSTITUTE FOR

 

SENATE BILL NO. 1056

 

 

 

 

 

 

 

 

 

 

 

 

     A bill to amend 2006 PA 250, entitled

 

"Money transmission services act,"

 

by amending section 4 (MCL 487.1004).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 4. This act does not apply to any of the following:

 

     (a) The United States or a department, agency, or

 

instrumentality of the United States.

 

     (b) Money transmission services that are provided by the

 

United States postal service Postal Service or by a contractor on

 

behalf of the United States postal service.Postal Service.

 

     (c) A state, county, city, or any other governmental

 

subdivision of a state.

 

     (d) A depository financial institution, office of an

 

international banking corporation, or branch of a foreign bank; a

Senate Bill No. 1056 as amended November 30, 2016

 

bank holding company or subsidiary, as those terms are defined in

 

section 2(a)(1) and 2(d) of the bank holding company act of 1956,

 

12 USC 1841; a bank service company organized under the bank

 

service company act, 12 USC 1861 to 1867; a subsidiary or affiliate

 

of a depository financial institution, or a subsidiary or affiliate

 

of a holding company of a depository financial institution, if the

 

depository financial institution maintains its main office or a

 

branch office in this state; a credit union service organization,

 

as that term is defined in section 102 of the credit union act,

 

2003 PA 215, MCL 490.102; or a corporation organized under the Edge

 

act, 12 USC 611 to 633.

 

     <<(e) A person acting as an agent for an entity described in

subdivision (d) to the extent that the person's actions are within

the scope of that agency relationship.>>

 

     (f) (e) Electronic An electronic funds transfer of

 

governmental benefits for a federal, state, county, or governmental

 

agency by a contractor on behalf of the United States or a

 

department, agency, or instrumentality of the United States or a

 

state or governmental subdivision, agency, or instrumentality of a

 

state.

 

     (g) (f) A board of trade that is designated as a contract

 

market under the commodity exchange act, 7 USC 1 to 27f, or a

 

person that in the ordinary course of business provides clearance

 

and settlement services for a board of trade, to the extent of its

 

operation as or for that board.

 

     (h) (g) A registered futures commission merchant under the

 

federal commodities laws, to the extent of its operation as a

 

merchant.

 

     (i) (h) A person that provides clearance or settlement

services under a registration as a clearing agency or an exemption

 

from registration granted under the federal securities laws, to the

 

extent of its operation as a provider under this subdivision.

 

     (j) (i) An operator of a payment system, to the extent that it

 

provides processing, clearing, settlement, or other similar

 

services between or among persons excluded by under this section in

 

connection with wire transfers, credit card transactions, debit

 

card transactions, stored value transactions, automated

 

clearinghouse transfers, or other similar funds transfers or

 

transactions.

 

     (k) (j) A person that is registered as a securities broker-

 

dealer under federal or state securities laws, to the extent of its

 

operation as a registered broker-dealer.