Bill > HB5545

This bill, which takes effect on January 1, 2026, and is contingent on the enactment of House Bill No. 5544, revises internal references within Michigan's Consumer Financial Services Act to update how money transmission services are regulated. Specifically, it changes the name of the "bureau" from the "office of financial and insurance services of the department of labor and economic growth" to the "department of insurance and financial services," and updates the definition of "commissioner" to refer to the "director of the bureau." The bill also expands the list of "financial licensing acts" to include the "money transmission modernization act" and clarifies that "money transmission" will be defined by that new act, while removing references to the older "sale of checks act" and adjusting the timeframe for the "money transmission services act" to be included as a financial licensing act until June 30, 2026.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5545