Bill > SB0749

This bill amends the Consumer Financial Services Act by updating several key definitions and provisions related to financial licensing and consumer protection. The bill modifies the definition of "Bureau" to refer to the Department of Insurance and Financial Services instead of the Office of Financial and Insurance Services, and expands the list of "Financial Licensing Acts" to explicitly include several specific financial regulatory laws such as the Regulatory Loan Act, Motor Vehicle Sales Finance Act, and Mortgage Brokers, Lenders, and Servicers Licensing Act. The bill also revises requirements for surety bonds and letters of credit that financial service providers must obtain, maintaining the $500,000 minimum bond amount but updating language about how claims can be filed and prioritized. Notably, the bill removes references to the Sale of Checks Act and clarifies language around licensing classes, control persons, and the commissioner's authority to manage claims. The bill is tied to another piece of legislation (Senate Bill 739) and will only take effect if that companion bill is also enacted, suggesting it is part of a broader package of financial services regulatory updates.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0749