Bill > HB5545

This bill updates internal references within Michigan's Consumer Financial Services Act to accurately reflect changes in other related financial laws, particularly those concerning money transmission services. It clarifies that the "bureau" responsible for financial services is now the "department of insurance and financial services," and the "commissioner" refers to the "director of the bureau." The bill also revises the definition of "financial licensing acts" to include the new "money transmission modernization act" and specifies that the "money transmission services act" will be in effect until June 30, 2026, after which the new modernization act will govern. Additionally, it adds a definition for "money transmission" itself, referencing the definition found in the money transmission modernization act. These changes are designed to ensure the Consumer Financial Services Act correctly points to the current laws and regulatory bodies governing financial activities in the state.