Financial institutions: money transmitters; money transmission modernization act; create. Creates new act.

Summary

The bill replaces Michigan's 2006 money transmission law with a new framework that requires anyone who sends, receives, or issues payment instruments or stored value to be licensed. It establishes safety and oversight standards, sets penalties and civil sanctions, and seeks to reduce unnecessary regulatory burdens while protecting consumers from financial crime. The law applies to businesses such as money‑transfer services, stored‑value issuers, and payroll processors.

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