HB 5550·MI·house
Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 10g of 1988 PA 161 (MCL 487.2060g). TIE BAR WITH: HB 5544'26
Passed One ChamberFiled Feb 19, 2026
Sponsor: Bill Schuette (R)
Latest Action
REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
Jul 1, 2026
Summary
This bill updates internal legal references within Michigan's Consumer Financial Services Act specifically regarding money transmission services. It affects financial institutions and money service businesses by ensuring state laws are accurate and consistent. The changes are tied to a companion bill (HB 5544) to maintain alignment across the state's financial regulations.
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