MI HB5544

Creates the "Money Transmission Modernization Act" to replace Michigan's existing Money Transmission Services Act (2006 PA 250), establishing new licensing requirements for persons engaged in money transmission business in the state.

Requires licensing for anyone selling or issuing payment instruments, selling or issuing stored value, or receiving money for transmission from persons located in Michigan, including payroll processing services.

Exempts federally insured depository institutions, government agencies, registered securities broker-dealers, futures commission merchants, and agents acting on behalf of licensed or exempt entities under specific conditions.

Authorizes the Department of Insurance and Financial Services to participate in the nationwide multistate licensing system and registry, coordinate with other state and federal regulators, and conduct examinations or investigations of licensees and authorized delegates.

Establishes confidentiality protections for examination reports and financial information while allowing disclosure of basic licensee information, authorized delegate details, and final enforcement orders to the public.