A bill to regulate the business of money transmission; to require the licensing of persons engaged in the business of money transmission; to prescribe the powers and duties of certain state and local officers and entities; to prescribe penalties and civil sanctions; and to repeal acts and parts of acts.
House Bills 5544-5550 collectively modernize Michigan’s financial services regulatory framework by updating money transmission and consumer finance laws, strengthening licensing, net worth, bonding, and enforcement standards, adding fraud-related criminal provisions, and aligning statutes under a coordinated system effective January 1, 2026, contingent on related legislation.
Co-sponsored by Reps.
Referred to the Committee on Finance
Reported with substitute H-1
Referred to the Committee on Rules
