{"data":{"id":"us-mi/mich.-comp.-laws-487.1002","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.1002","heading":"Definitions; A to L.","body":"Sec. 2.\n\nAs used in this act:\n\n(a) \"Agency\" or \"department\" means the department of insurance and financial services.\n\n(b) \"Agent of a payee\" means a person appointed by a payee to collect and process payments as the bona fide agent of the payee.\n\n(c) \"Applicant\" means a person that files an application for a license under this act.\n\n(d) \"Authorized delegate\" means a person that a licensee designates to provide money transmission services in this state on behalf of the licensee.\n\n(e) \"Closed-loop prepaid access\" means access to funds or the value of funds that is paid in advance, may be retrieved or transferred at some time in the future through a device or vehicle, and may be used only to acquire goods or services in transactions that involve 1 or more specific merchants or 1 or more specific locations.\n\n(f) \"Commissioner\" or \"director\" means the director of the department or his or her designee.\n\n(g) \"Control\" means any of the following:\n\n( 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.\n\n( 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.\n\n( 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.\n\n(h) \"Control person\" means a director, manager, or executive officer of a licensee or applicant or an individual who has the authority to participate in the direction, directly or indirectly through 1 or more other individuals, of the management or policies of a licensee or applicant.\n\n(i) \"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.\n\n(j) \"Device or vehicle\" means an object or information used to provide closed-loop prepaid access or prepaid access, such as a card, code, electronic serial number, mobile identification number, or personal identification number. A device or vehicle may be in either tangible or electronic form.\n\n(k) \"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.\n\n( l ) \"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.\n\n(m) \"Licensee\" means a person that is licensed or required to be licensed under this act.\n\n(n) \"Location\" means a place of business at which activities regulated by this act occur.","path":["MI Code","Chapter 487","Act Act-250-of-2006"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-1002","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"4f28d1862c13b20b985723dfdc3c5215d728038cebddf026ef4d42e812754c23","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.1001","next":"us-mi/mich.-comp.-laws-487.1003"},"notice":"GroundRules: Original legal text. Not legal advice."}