MONEY TRANSMISSION SERVICES H.B. 5324: FLOOR ANALYSIS
House Bill 5324 (as reported without amendment)
Sponsor: Representative Bill Huizenga
House Committee: Banking and Financial Services
Senate Committee: Banking and Financial Institutions
CONTENT
The bill would amend the Consumer Financial Services Act to require an applicant for licensure under the Act to do both of the following, if the applicant intended to provide money transmission services under the "Money Transmission Services Act" (proposed by House Bill 5328):
-- Provide a financial statement with the application showing that the applicant's net worth exceeded $100,000 plus an additional $25,000 for each location or authorized delegate, as applicable, or $1 million, whichever was less.
-- File with the Commissioner of the Office of Financial and Insurance Services a surety bond in a principal amount as determined for a licensee under the proposed Money Transmission Services Act (i.e., $500,000 to $1.5 million, as determined by the Commissioner, based on the number of locations and authorized delegates).
The bill is tie-barred to House Bill 5328.
MCL 487.2052 et al. Legislative Analyst: Patrick Affholter
FISCAL IMPACT
The bill would make the Consumer Financial Services Act consistent with the Money Transmission Services Act proposed by House Bill 5328.
Date Completed: 6-13-06 Fiscal Analyst: Elizabeth Pratt
Maria Tyszkiewicz
floor\hb5324 Analysis available @ http://www.michiganlegislature.org
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
Analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent. hb5324/0506