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MI SB0430
Bill
AI Summary
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Amends the Consumer Financial Services Act (1988 PA 161) to revise definitions in Section 2 (MCL 487.2052).
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Changes references from "commissioner" to "director" and from "office of financial and insurance services" to "department of insurance and financial services" throughout the act.
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Removes the Sale of Checks Act (1960 PA 136) from the definition of "Class II license" activities and from the list of "financial licensing acts."
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Adds the Money Transmission Services Act (2006 PA 250, MCL 487.1001 to 487.1047) to the excluded activities for Class II licenses and to the definition of financial licensing acts.
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Takes effect 90 days after enactment only if Senate Bill No. 431 is also enacted into law.
Legislative Description
Financial institutions; other; definition of financial licensing acts in consumer financial services act; revise. Amends sec. 2 of 1988 PA 161 (MCL 487.2052). TIE BAR WITH: SB 0431'17
State agencies (existing): insurance and financial services
Last Action
Referred To Committee On Banking And Financial Institutions
6/6/2017