Bill > HB5548

This bill revises internal references within Michigan's Consumer Financial Services Act to clarify regulations for money transmission services, which involve the business of receiving money for transmission to a location within or outside the United States, or for payment to a person at another location within or outside the United States. Specifically, it changes the word "shall" to "must" in several places to reflect current legal language and updates the net worth requirements for applicants seeking to provide money transmission services, ensuring they maintain sufficient financial stability to safeguard consumer funds. The bill also clarifies that these net worth requirements must be continuously maintained by licensees and allows the commissioner to set higher net worth requirements for new licensees to ensure safe and sound operations. It also specifies how net worth is calculated and lists certain assets that are excluded from this calculation. This bill takes effect on January 1, 2026, but only if House Bill No. 5544 of the 103rd Legislature is also enacted.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5548