MI HB5548

Revises the Consumer Financial Services Act to update internal references related to money transmission services by removing outdated cross-references to the money transmission services act and simplifying language to "services for money transmission"

Maintains existing net worth requirements for licensees: $100,000 for class I licenses, $50,000 for class II licenses, $1,000,000 for mortgage lending activities, and $100,000 plus $25,000 per location (up to $1,000,000) for money transmission services

Reorganizes section 5 of the act by renumbering subsections and updating language throughout (replacing "shall" with "must" and "assure" with "ensure")

Takes effect January 1, 2026, contingent upon passage of House Bill No. 5544, creating a legislative tie bar between the two bills