Financial institutions; checks and drafts; sales of checks act;

revise violations statute to comply with federal regulations.

FINANCIAL INSTITUTIONS: Checks and drafts

A bill to amend 1960 PA 136, entitled

"Sale of checks act,"

by amending section 15 (MCL 487.915).

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

1 Sec. 15. (1) If any person to whom or to which this act

2 applies, or any agent or representative of such person violates

3 any of the provisions of this act, or attempts to transact the

4 business of selling or issuing checks without having first

5 obtained a license from the commissioner pursuant to the provi-

6 sions of this act, such person and each such agent or representa-

7 tive is guilty of a misdemeanor, and shall be fined not less than

8 $100.00 nor more than $500.00, or imprisoned in the county jail

9 for not more than 90 days, or both. Each transaction in

10 violation of this act and each day that a violation continues

11 shall be a separate offense. A PERSON THAT VIOLATES THIS ACT IS

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1 GUILTY OF A MISDEMEANOR PUNISHABLE BY A FINE OF NOT MORE THAN

2 $10,000.00 OR IMPRISONMENT FOR NOT MORE THAN 90 DAYS, OR BOTH.

3 (2) AFTER NOTICE AND HEARING, THE COMMISSIONER MAY REVOKE A

4 PERSON'S LICENSE UNDER THIS ACT IF THE COMMISSIONER FINDS THAT A

5 PERSON HAS VIOLATED THIS ACT OR ANY OTHER APPLICABLE STATE OR

6 FEDERAL LAW, RULE, OR REGULATION REGARDING FINANCIAL

7 TRANSACTIONS.

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