Bill > HB5549

This bill revises internal references within Michigan's Consumer Financial Services Act to align with changes made by a separate bill (HB 5544'26) concerning money transmission services, which is the business of transmitting money on behalf of consumers. Specifically, it updates the requirements for surety bonds or letters of credit that financial institutions must provide to the commissioner, which act as financial protection for consumers. The bill clarifies that the amount of the surety bond for money transmission services will now be determined by a new section (section 67) of the "money transmission modernization act," rather than the previous "money transmission services act." It also broadens the types of individuals and entities who can file claims against these bonds or letters of credit, including installment buyers under the motor vehicle sales finance act, residents purchasing money transmission services, and loan applicants, customers, or borrowers under specific mortgage lending acts, ensuring that the commissioner is paid for any fines, fees, or expenses before other claimants.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5549