Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is the Money Transmission Services Act?

April 26, 2017ACT money Services transmission

0

Posted

What is the Money Transmission Services Act?

1 Answer

0

Posted

Answer 2006 PA 250 created a new act entitled the Money Transmission Services Act (MTSA), to provide a regulatory framework for both the paper and electronic transmission of money. The existing Sales of Checks Act (repealed by the MTSA) provided for the licensing and regulation of entities involved in the paper transmission of money. This act modernizes Michigan’s law to recognize the realities of the market for money transmission by also regulating electronic and wire transmission.