Michigan Laws 487.1012 – License application; form; information required
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Terms Used In Michigan Laws 487.1012
- Applicant: means a person that files an application for a license under this act. See Michigan Laws 487.1002
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Control: means any of the following:
(i) Ownership of, or the power to vote, directly or indirectly, at least 25% of a class of voting securities or voting interests of a licensee or person in control of a licensee. See Michigan Laws 487.1002Control person: means a director, manager, or executive officer of a licensee or applicant or an individual who has the authority to participate in the direction, directly or indirectly through 1 or more other individuals, of the management or policies of a licensee or applicant. See Michigan Laws 487.1002 Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Depository financial institution: means a bank, national bank, savings and loan association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States whose deposits are insured by an agency of the federal government. See Michigan Laws 487.1002 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Material litigation: means litigation that, according to generally accepted accounting principles, is significant to an applicant's or a licensee's financial health and must be disclosed in the applicant's or licensee's audited financial statements, report to shareholders, or similar records. See Michigan Laws 487.1003 Money: means a medium of exchange authorized or adopted by the United States or a foreign government as a part of its currency that is customarily used and accepted as a medium of exchange in the country of issuance. See Michigan Laws 487.1003 Money transmission services: means selling or issuing payment instruments or closed-loop prepaid access or prepaid access devices or vehicles or receiving money or monetary value for transmission. See Michigan Laws 487.1003 Payment instrument: means any electronic or written check, draft, money order, travelers check, or other wire, electronic, or written instrument or order for the transmission or payment of money, sold or issued to 1 or more persons, whether or not the instrument is negotiable. See Michigan Laws 487.1003 Person: means an individual, partnership, association, corporation, limited liability company, trust, estate, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or any other legal entity. See Michigan Laws 487.1003 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or protectorate of the United States. See Michigan Laws 487.1003 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) A person applying for a license under this act shall apply on a form and in a medium prescribed by the commissioner. The application shall include all of the following information:
(a) The legal name and residential and business addresses of the applicant and any assumed or trade name used by the applicant in conducting its money transmission services business.
(b) A list of any criminal convictions of the applicant and any material litigation in which the applicant was involved in the 10-year period preceding the submission of the application.
(c) A description of any money transmission services previously provided by the applicant and the money transmission services that the applicant intends to provide in this state.
(d) A list of the applicant’s proposed authorized delegates and the locations in this state where the applicant and its authorized delegates propose to engage in providing money transmission services.
(e) A list of all other states in which the applicant is licensed to engage in providing money transmission services and any license revocations, suspensions, or other disciplinary action taken against the applicant in any other state.
(f) Information concerning any bankruptcy or receivership proceedings affecting the applicant.
(g) The name and address of any depository financial institution through which the applicant’s payment instrument will be paid.
(h) A description of the source of money and credit to be used by the applicant to provide money transmission services.
(i) Any other information the commissioner reasonably requires with respect to the applicant.
(2) If an applicant is not a natural person, the applicant shall also provide all of the following information with the application:
(a) The date of the applicant’s incorporation or formation and state or country of incorporation or formation.
(b) A brief description of the structure or organization of the applicant, including any parent or subsidiary of the applicant, and whether the applicant or a parent or subsidiary of the applicant is publicly traded.
(c) The name, all assumed or trade names, and all business addresses of the applicant.
(d) The name, all assumed or trade names, all business and residential addresses, and the employment history for the 10-year period preceding the submission of the application of each control person of the applicant.
(e) A list of any criminal convictions and material litigation in which any control person of the applicant has been involved in the 10-year period preceding the submission of the application.
(f) If the applicant is publicly traded, a copy of the most recent report filed with the securities and exchange commission under section 13 of the federal securities exchange act of 1934, 15 USC 78m.
(g) If the applicant is a wholly owned subsidiary of a corporation publicly traded in the United States, a copy of financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation’s most recent report filed under section 13 of the federal securities exchange act of 1934, 15 USC 78m.
(h) If the applicant is a wholly owned subsidiary of a corporation publicly traded outside the United States, a copy of any documentation similar to that described in subdivision (g) that is filed with the regulator of the parent corporation’s domicile outside the United States.
(i) If the applicant has a registered agent in this state, the name and address of that registered agent.
(j) Any other information the commissioner reasonably requires with respect to the applicant.