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MI HB5550
Bill
Status
2/19/2026
Primary Sponsor
Bill Schuette
Click for details
AI Summary
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Revises internal references in Michigan's Consumer Financial Services Act to align with changes to money transmission services law, updating terminology from "money transmission services as defined in section 2 of the money transmission services act" to "services for money transmission"
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Updates procedural language throughout the act, replacing "shall" with "must" and "upon" with "on" to modernize statutory language
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Applies to commissioner powers to prohibit persons engaged in fraud or money laundering from employment with financial licensees or registrants
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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. 10g of 1988 PA 161 (MCL 487.2060g). TIE BAR WITH: HB 5544'26
Financial institutions: money transmitters
Last Action
Bill Electronically Reproduced 02/19/2026
2/24/2026