2026 Senate Bill 836

Financial institutions: other; consumer financial services act; revise internal references related to money transmission services.

A bill to amend 1988 PA 161, entitled “Consumer financial services act,” by amending sections 2, 5, 6, and 10g (MCL 487.2052, 487.2055, 487.2056, and 487.2060g), as amended by 2006 PA 252.

Official record

AI Analysis – Experimental

Modernizes Michigan's regulation of money transmission businesses by establishing updated licensing, compliance, and consumer protection standards.

Introduced in the Senate

March 17, 2026

Introduced by Sen. Mary Cavanagh (D-6) and four co-sponsors

Co-sponsored by Sens. Rosemary Bayer (D-13), Roger Victory (R-31), John Damoose (R-37) and Veronica Klinefelt (D-11)

Referred to the Committee on Finance, Insurance, and Consumer Protection