{"data":{"id":"us-mi/mich.-comp.-laws-487.1023","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.1023","heading":"Changed information; filing; events requiring filing of report.","body":"Sec. 23.\n\n(1) If there is a change in any information provided in a licensee's initial or renewal application, the licensee shall file the changed information with the commissioner before the change occurs, unless the commissioner prescribes a different deadline for filing the changed information that is not later than 5 business days after the change occurs. The commissioner shall consider whether it is feasible for the licensee to file the changed information before the change occurs in prescribing a different deadline.\n\n(2) A licensee that submits a renewal application to the commissioner shall include with the application a current list of the names and street addresses of each authorized delegate and location in this state where the licensee or authorized delegates of the licensee provide money transmission services.\n\n(3) A licensee shall file a report with the agency within 3 business days after the licensee has reason to know of the occurrence of any of the following events:\n\n(a) The filing of a petition by or against the licensee under the bankruptcy code, 11 USC 101 to 1330, for bankruptcy or reorganization.\n\n(b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.\n\n(c) The commencement of a proceeding to revoke or suspend a license of the licensee in this state, another state, or a country in which the licensee engages in business or is licensed.\n\n(d) A charge or conviction of the licensee or of an executive officer, manager, director, or control person of the licensee for a felony.\n\n(e) A charge or conviction of an authorized delegate for a felony.","path":["MI Code","Chapter 487","Act Act-250-of-2006"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-1023","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"d720b523c60713adf5a9e2be3fadaf6d4a7706b324a2f488f3ab3e82089f1dc2","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.1022","next":"us-mi/mich.-comp.-laws-487.1024"},"notice":"GroundRules: Original legal text. Not legal advice."}