MI HB5799

Changes references from "office of financial and insurance services" to "department of insurance and financial services" and updates terminology from "commissioner" to "director of the bureau" throughout the act.

Removes the sale of checks act (1960 PA 136) from the definition of financial licensing acts and Class II license exclusions, effective immediately.

Temporarily includes the money transmission services act (2006 PA 250) in financial licensing acts until June 30, 2025, after which it is replaced by the money transmission modernization act.

Updates net worth and surety bond requirements for money transmission applicants to reference the money transmission modernization act instead of the money transmission services act.

Makes technical corrections including changing "shall" to "must," "who" to "that," and updating pronouns to gender-neutral language throughout the statute.

Effective date: January 1, 2025, contingent on enactment of HB 5798 or the referenced Senate Bill.