Bill Text: MI HB6254 | 2017-2018 | 99th Legislature | Engrossed
Bill Title: Crimes; definitions; definition of cryptocurrency in money laundering definition section of penal code; provide for. Amends sec. 411j of 1931 PA 328 (MCL 750.411j).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2018-12-06 - Referred To Committee On Judiciary [HB6254 Detail]
Download: Michigan-2017-HB6254-Engrossed.html
HB-6254, As Passed House, December 5, 2018
HOUSE BILL No. 6254
June 12, 2018, Introduced by Rep. Farrington and referred to the Committee on Law and Justice.
A bill to amend 1931 PA 328, entitled
"The Michigan penal code,"
by amending section 411j (MCL 750.411j), as amended by 2009 PA 82.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 411j. As used in this section and sections 411k to 411q:
(a) "Controlled substance offense" means a felony violation of
part 74 of the public health code, 1978 PA 368, MCL 333.7401 to
333.7461, concerning controlled substances.
(b) "Cryptocurrency" means digital currency in which
encryption techniques are used to regulate the generation of units
of currency and verify the transfer of funds, and that operates
independently of a central bank.
(c) (b)
"Knowingly", in the case
of a corporation, means with
the approval or prior actual knowledge of the board of directors, a
majority of the directors, or persons who together hold a majority
of the voting ownership interests in the corporation. In
determining whether a majority of the directors approved of or had
knowledge of the activity, a director who was not aware of the
activity due to his or her own negligence or other fault is
regarded as having had knowledge of the activity. This subdivision
does not limit the liability of any individual officer, employee,
director, or stockholder of a corporation.
(d) (c)
"Financial transaction"
means a purchase, sale, loan,
pledge, gift, transfer, delivery, exchange, or other disposition of
a monetary instrument or other property and, with respect to a
financial institution, includes a deposit, withdrawal, transfer
between accounts, exchange of currency, loan, extension of credit,
purchase or sale of any stock, bond, certificate of deposit, or
other monetary instrument, or any other payment, transfer, or
delivery by, through, or to a financial institution, by whatever
means effected.
(e) (d)
"Financial institution"
means 1 or more of the
following, if located in or doing business in this state:
(i) An insured bank, as defined in section 3(h) of the federal
deposit insurance act, 12 USC 1813(h).
(ii) A commercial bank or trust company.
(iii) A private banker.
(iv) An agency or branch of a foreign bank.
(v) A savings and loan institution.
(vi) A thrift institution.
(vii) A credit union.
(viii) A broker or dealer registered with the securities and
exchange commission under the securities exchange act of 1934, 15
USC 78a to 78nn.
(ix) A broker or dealer in securities or commodities.
(x) An investment banker or investment company.
(xi) A currency exchange.
(xii) An insurer, redeemer, or cashier of traveler's checks,
checks, or money orders.
(xiii) An operator of a credit card system.
(xiv) An insurance company.
(xv) A dealer in precious metals, stones, or jewels.
(xvi) A pawnbroker.
(xvii) A loan, finance, or mortgage company.
(xviii) A travel agency.
(xix) A licensed sender of money.
(xx) A telegraph company.
(f) (e)
"Monetary instrument"
means coin or currency of the
United States or another country, or group of countries, a
traveler's check, personal check, bank check, money order,
cryptocurrency, or investment security or negotiable instrument in
bearer form or in any other form such that delivery is sufficient
to pass title.
(g) (f)
"Proceeds of a specified
criminal offense" means any
monetary instrument or other real, personal, or intangible property
obtained through the commission of a specified criminal offense,
including any appreciation in the value of the monetary instrument
or property.
(h) (g)
"Specified criminal
offense" means any of the
following:
(i) A felony violation of section 8 of the tobacco products
tax act, 1993 PA 327, MCL 205.428, or section 9 of former 1947 PA
265, concerning cigarette taxes.
(ii) A violation of section 11151 of the natural resources and
environmental protection act, 1994 PA 451, MCL 324.11151, or
section 48(3) of former 1979 PA 64, concerning felonious disposal
of hazardous waste.
(iii) A controlled substance offense.
(iv) A felony violation of section 60 of the social welfare
act, 1939 PA 280, MCL 400.60, concerning welfare fraud.
(v) A violation of section 4, 5, or 7 of the medicaid false
claim act, 1977 PA 72, MCL 400.604, 400.605, and 400.607,
concerning medicaid fraud.
(vi) A felony violation of section 18 of the Michigan gaming
control
and revenue act, the Initiated Law of 1996, 1996 IL 1, MCL
432.218, concerning the business of gaming.
(vii) A violation of section 409 of the uniform
securities
act,
former 1964 PA 265, MCL 451.809, or section 508 of
the uniform
securities act (2002), 2008 PA 551, MCL 451.2508, concerning
securities fraud.
(viii) A violation of section 5 or 7 of 1978 PA 33, MCL
722.675 and 722.677, concerning the display or dissemination of
obscene matter to minors.
(ix) A felony violation of section 72, 73, 74, or 75,
concerning arson.
(x) A violation of section 93, 94, 95, or 96, concerning bank
bonds, bills, notes, or property.
(xi) A violation of section 117, 118, 119, 120, 121, or 124,
concerning bribery.
(xii) A violation of section 120a, concerning jury tampering.
(xiii) A violation of section 145c, concerning child sexually
abusive activity or material.
(xiv) A felony violation of section 157n, 157p, 157q, 157r,
157s, 157t, or 157u, concerning credit cards or financial
transaction devices.
(xv) A violation of section 159i, concerning racketeering.
(xvi) A felony violation of section 174, 175, 176, 180, 181,
or 182, concerning embezzlement.
(xvii) A felony violation of chapter XXXIII, concerning
explosives or bombs.
(xviii) A violation of section 213, concerning extortion.
(xix) A felony violation of section 218, concerning false
pretenses.
(xx) A felony violation of chapter XLI, concerning forgery or
counterfeiting.
(xxi) A violation of section 271, 272, 273, or 274, concerning
securities fraud.
(xxii) A violation of section 301, 302, 303, 304, 305, 305a,
or 313, concerning gambling.
(xxiii) A violation of section 316 or 317 concerning murder.
(xxiv) A violation of section 330, 331, or 332, concerning
horse racing.
(xxv) A violation of section 349, 349a, or 350, concerning
kidnapping.
(xxvi) A felony violation of chapter LII, concerning larceny.
(xxvii) A violation of section 422, 423, 424, or 425,
concerning perjury or subornation of perjury.
(xxviii) A violation of section 452, 455, 457, 458, or 459,
concerning prostitution.
(xxix) A violation of section 529, 530, or 531, concerning
robbery.
(xxx) A felony violation of section 535 or 535a, concerning
stolen, embezzled, or converted property.
(xxxi) A violation of chapter LXXXIII-A, concerning terrorism.
(xxxii) A violation of section 5 of 1984 PA 343, MCL 752.365,
concerning obscenity.
(xxxiii) A conspiracy, attempt, or solicitation to commit an
offense listed in subparagraphs (i) to (xxxii).
(i) (h)
"Substituted proceeds of a
specified criminal offense"
means any monetary instrument or other real, personal, or
intangible property obtained or any gain realized by the sale or
exchange of proceeds of a specified criminal offense.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
