Bill > SB0836

This bill, titled the "Financial Institutions: Other; Consumer Financial Services Act; Revise Internal References Related to Money Transmission Services," aims to update references within Michigan's Consumer Financial Services Act to align with newer legislation, particularly concerning money transmission services. It clarifies definitions, such as changing "bureau" to refer to the "department of insurance and financial services" and defining "money transmission" according to the "money transmission modernization act." The bill also adjusts net worth requirements for applicants involved in money transmission services and revises the surety bond or letter of credit requirements for such applicants to align with the "money transmission modernization act." Furthermore, it updates language regarding prohibitions against individuals engaging in fraudulent or money laundering activities within licensed financial institutions, ensuring these provisions are consistent with current laws and modern financial practices. The bill is contingent on the enactment of Senate Bill 835 of the 103rd Legislature and is set to take effect on January 1, 2026.