Bill > SB0774

This bill amends the Money Transmission Services Act to introduce new regulations concerning foreign remittance transfers, which are defined as electronic transfers of funds to a designated recipient located outside the United States, excluding transfers of $15.00 or less. A "remittance transfer provider" is defined as any person who provides these transfers for a "consumer," meaning a natural person, in the normal course of business. The key provision requires licensees and their authorized delegates (people they designate to provide money transmission services) to verify that the sender of a foreign remittance transfer is not an "unauthorized alien," meaning an individual unlawfully present in the United States. This verification must be documented on a form prescribed by the commissioner, and licensees must maintain records of this documentation and submit quarterly reports to the department detailing all foreign remittance transfers, sender information, and verification forms. Failure to comply with this verification requirement will result in a civil fine equal to 25% of the transferred amount, though other civil sanctions under the act are excluded for this specific violation. The bill also establishes procedures for filing complaints, conducting audits, and penalties for filing false complaints.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2026-SB-0774