Michigan Laws 487.1023 – Changed information; filing; events requiring filing of report
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Terms Used In Michigan Laws 487.1023
- Authorized delegate: means a person that a licensee designates to provide money transmission services in this state on behalf of the licensee. 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 487.1002Conviction: A judgement of guilt against a criminal defendant. director: means the director of the department or his or her designee. See Michigan Laws 487.1002 Executive officer: means an officer, member, or partner of a licensee, including, but not limited to, a chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position. See Michigan Laws 487.1002 Licensee: means a person that is licensed or required to be licensed under this act. See Michigan Laws 487.1002 Location: means a place of business at which activities regulated by this act occur. See Michigan Laws 487.1002 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 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
(1) If there is a change in any information provided in a licensee‘s initial or renewal application, the licensee shall file the changed information with the commissioner before the change occurs, unless the commissioner prescribes a different deadline for filing the changed information that is not later than 5 business days after the change occurs. The commissioner shall consider whether it is feasible for the licensee to file the changed information before the change occurs in prescribing a different deadline.
(2) A licensee that submits a renewal application to the commissioner shall include with the application a current list of the names and street addresses of each authorized delegate and location in this state where the licensee or authorized delegates of the licensee provide money transmission services.
(3) A licensee shall file a report with the agency within 3 business days after the licensee has reason to know of the occurrence of any of the following events:
(a) The filing of a petition by or against the licensee under the bankruptcy code, 11 USC 101 to 1330, for bankruptcy or reorganization.
(b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee’s dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.
(c) The commencement of a proceeding to revoke or suspend a license of the licensee in this state, another state, or a country in which the licensee engages in business or is licensed.
(d) A charge or conviction of the licensee or of an executive officer, manager, director, or control person of the licensee for a felony.
(e) A charge or conviction of an authorized delegate for a felony.