SB 835·MI·senate
Financial institutions: money transmitters; money transmission modernization act; create. Creates new act & repeals 2006 PA 250 (MCL 487.1001 - 487.1047).
In CommitteeFiled Mar 17, 2026
Sponsor: Rosemary Bayer
Latest Action
REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
Mar 17, 2026
Summary
The bill establishes the Money Transmission Modernization Act, which requires anyone sending money or issuing stored‑value products in Michigan to obtain a state license. It gives the Department of Insurance and Financial Services authority to supervise, set safety standards, and enforce penalties, and it repeals the 2006 money‑transmission statutes. The goal is to reduce regulatory overlap, protect consumers from fraud, and support innovative financial services.
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