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MI HB5470
Bill
Status
1/22/2026
Primary Sponsor
Mike McFall
Click for details
AI Summary
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Expands Michigan's Money Transmission Services Act to include virtual currency kiosks, requiring owners, operators, and marketers of these kiosks to obtain money transmitter licenses
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Amends the definition of "money transmission services" to specifically cover owning, operating, facilitating, soliciting, marketing, or advertising virtual currency kiosks
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Creates a tie bar with HB 5469, meaning this bill only takes effect if the Virtual Currency Kiosk Consumer Protection Act (HB 5469) is also enacted
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Makes a minor technical change to payment instrument definition language, replacing "whether or not" with "regardless of whether"
Legislative Description
Financial institutions: money transmitters; money transmitter license; subject virtual currency kiosk to. Amends sec. 3 of 2006 PA 250 (MCL 487.1003). TIE BAR WITH: HB 5469'26
Financial institutions: money transmitters
Last Action
Bill Electronically Reproduced 01/22/2026
1/27/2026