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.

SB 774 amends Michigan's Money Transmission Services Act to prohibit certain foreign remittance transfers under specific circumstances. The bill directly affects money transmitters (like Western Union or digital remittance services) operating in Michigan that handle payments to recipients outside the United States. Key provisions include adding new sections (21a and 35) that establish restrictions on foreign remittance transfers and updating licensing requirements for these businesses. The changes aim to regulate how money transmitters handle cross-border payments, focusing on specific transaction types rather than broadly banning all international transfers.