State Codes and Statutes

State Codes and Statutes

Statutes > Michigan > Chapter-487 > Act-250-of-2006 > Section-487-1002

Act 250 of 2006

487.1002 Definitions; A to L.

Sec. 2.

As used in this act:

(a) "Agency" means the office of financial and insurance services in the department of labor and economic growth.

(b) "Applicant" means a person that files an application for a license under this act.

(c) "Authorized delegate" means a person that a licensee designates to provide money transmission services in this state on behalf of the licensee.

(d) "Commissioner" means the commissioner of the office of financial and insurance services.

(e) "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.

(ii) Power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or person in control of a licensee.

(iii) The power to exercise directly or indirectly a controlling influence over the management or policies of a licensee or person in control of a licensee.

(f) "Control person" means a director, manager, or executive officer of a licensee or a natural person who has the authority to participate in the direction, directly or indirectly through 1 or more other natural persons, of the management or policies of a licensee.

(g) "Depository financial institution" means a bank, national bank, savings and loan association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States whose deposits are insured by an agency of the federal government.

(h) "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.

(i) "Financial licensing act" means any of the financial licensing acts, as that term is defined in section 2 of the consumer financial services act, 1988 PA 161, MCL 487.2052.

(j) "Licensee" means a person licensed or required to be licensed under this act.

(k) "Location" means a place of business at which activities regulated by this act occur.

History: 2006, Act 250, Imd. Eff. July 3, 2006