Bill > HB5550

This bill, which revises internal references within the Consumer Financial Services Act, aims to clarify and update regulations concerning individuals involved with financial licensees, particularly in relation to money transmission services. Specifically, it modifies how the commissioner, the state's financial regulator, can prohibit individuals from being employed by, acting as an agent for, or being a control person (someone who can influence a licensee's operations) of a licensed financial institution. The bill clarifies that such prohibitions can be issued if a person engages in fraud or money laundering, which is defined as concealing the illegal source or application of income to make it appear legitimate. It also updates language regarding the timing and process of hearings and the effectiveness of orders issued by the commissioner, ensuring that these actions are clearly communicated and legally sound. The bill also makes a technical correction to include "services for money transmission" within the scope of potential financial loss that could trigger immediate suspension orders, and it is contingent on another bill, HB 5544, also becoming law.

Budget and Finance

https://legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5550