MI SB0749

Updates the Consumer Financial Services Act to reflect the reorganization of state regulatory agencies, changing references from "office of financial and insurance services" to "department of insurance and financial services"

Removes the "sale of checks act" from the list of financial licensing acts regulated under this law, while retaining the money transmission services act and other financial licensing statutes

Revises Class II license definition to remove sale of checks act activities, limiting exclusions to loan servicing activities under secondary mortgage and mortgage broker licensing acts

Updates surety bond and letter of credit claim provisions to remove references to Michigan residents who purchase checks, maintaining protections for money transmission service purchasers, installment buyers, and mortgage loan applicants

Contingent on passage of Senate Bill No. 739 of the 103rd Legislature before taking effect