|The Money Transmission Services Act provides for the licensing and regulation of money transmission in the state of Michigan. Money transmission includes the selling or issuing of payment instruments or stored value devices or receiving money or monetary value for transmission. A money transmission licensee is required to demonstrate and maintain a minimum net worth of $100,000 up to a maximum of $1,500,000. Net worth and surety bond amounts are determined based on the number of locations and authorized delegates operated by the licensee.|
• Fee Schedule - Money Transmission
• FIS 2060 and Related Forms Package to make application for a license to conduct business as a Money Transmission Services Provider in Michigan. All required forms for application except form FIS 2061 (use link below).
• FIS-2061 List of Authorized Delegates and Additional Locations. This filing can be made by enclosing a CD containing the completed file in an Excel compatible format.
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