Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances. Amends secs. 2, 3 & 25 of 2006 PA 250 (MCL 487.1002 et seq.) & adds secs. 21a & 35.

Summary

SB 774 updates the legal language governing money‑transmission services, foreign remittance transfers, and related entities. It changes sections of the 2006 Money Transmission Services Act and creates two new sections, affecting licensed transmitters, their agents, and consumers. The changes aim to clarify regulatory responsibilities and oversight.

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