MI HB5549

Revises the Consumer Financial Services Act to update internal references from the "money transmission services act" to the "money transmission modernization act" and changes section citations from 13(5)(b) to section 67.

Maintains the $500,000 minimum surety bond or letter of credit requirement for license applicants, with money transmission service providers required to meet bond amounts specified under the new money transmission modernization act.

Reorganizes and reformats provisions regarding claims against surety bonds to clarify eligible claimants, including loan applicants, borrowers, money transmission customers, and motor vehicle installment buyers.

Takes effect January 1, 2026, contingent on the enactment of House Bill No. 5544 (the money transmission modernization act).