Michigan SB0774 amends financial licensing laws to prohibit money transmitters from initiating foreign remittance transfers unless the sender is.

Michigan SB0774 amends the Financial Licensing Act to introduce stricter regulations on foreign remittance transfers by money transmitters. The bill requires money transmitters to verify that the sender of a foreign remittance transfer is not an unauthorized alien before initiating the transfer. It mandates the Department of Insurance and Financial Services to promulgate rules for acceptable forms of documentation for this verification. The bill also imposes civil fines on money transmitters who fail to comply with these verification requirements.

Michigan SB0774 amends financial licensing laws to prohibit money transmitters from initiating foreign remittance transfers unless the sender is.

Michigan SB0774 amends the Financial Licensing Act to introduce stricter regulations on foreign remittance transfers by money transmitters. The bill requires money transmitters to verify that the sender of a foreign remittance transfer is not an unauthorized alien before initiating the transfer. It mandates the Department of Insurance and Financial Services to promulgate rules for acceptable forms of documentation for this verification. The bill also imposes civil fines on money transmitters who fail to comply with these verification requirements.