Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances. Amends secs. 2, 3 & 25 of 2006 PA 250 (MCL 487.1002 et seq.) & adds secs. 21a & 35.

Michigan Senate Bill 774 (SB0774) aims to regulate foreign remittance transfers by money transmitters in Michigan. The bill proposes amendments to sections 2, 3, and 25 of 2006 Public Act 250 (MCL 487.1002 et seq.) and introduces new sections 21a and 35. The key provisions include:

- **Verification Requirement**: Before initiating a foreign remittance transfer, money transmitters must verify that the sender is not an unauthorized alien.

- **Rulemaking Authority**: The commissioner is tasked with establishing rules to define acceptable forms of documentation for verifying the sender's status.

- **Documentation and Reporting**: Money transmitters must document the verification process and submit quarterly reports detailing all foreign remittance transfers, including sender information and verification forms.

- **Civil Penalties**: Violations of the verification requirement may result in a civil fine equal to 25% of the transfer amount, excluding fees.

As of January 29, 2026, the bill was introduced and referred to the Senate Committee on Finance, Insurance, and Consumer Protection. No further legislative action has been recorded. ([legiscan.com](https://legiscan.com/MI/bill/SB0774/2025?utm_source=openai))

Regarding media coverage, there are no available reports or analyses on the bill's reception or potential impact.

No media coverage is available to provide a positive perspective on Michigan Senate Bill 774 (SB0774).

No media coverage is available to provide a negative perspective on Michigan Senate Bill 774 (SB0774).