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
Reported with substitute H-2
Substitute H-2 concurred in by voice vote
Passed in the House 97 to 10 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Finance, Insurance, and Consumer Protection
