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MI HB5545
Bill
Status
2/19/2026
Primary Sponsor
David Martin
Click for details
AI Summary
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Updates the Consumer Financial Services Act to replace outdated agency references, changing "Office of Financial and Insurance Services" to "Department of Insurance and Financial Services" and "commissioner" to "director of the bureau"
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Removes the Sale of Checks Act (1960 PA 136) from the list of financial licensing acts and from Class II license authorization
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Adds the Money Transmission Modernization Act to the list of financial licensing acts, while maintaining the current Money Transmission Services Act only through June 30, 2026
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Takes effect January 1, 2026, contingent on the enactment of House Bill No. 5544 (the tie bar bill)
Legislative Description
Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 2 of 1988 PA 161 (MCL 487.2052). TIE BAR WITH: HB 5544'26
Financial institutions: money transmitters
Last Action
Bill Electronically Reproduced 02/19/2026
2/24/2026