Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 6 of 1988 PA 161 (MCL 487.2056). TIE BAR WITH: HB 5544'26

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Plain-English Summary

This bill changes the Consumer Financial Services Act to update requirements for companies that need a license. It specifies that these companies must provide a surety bond or letter of credit, usually for at least $500,000, to protect customers if the company fails to meet its obligations. The bill also clarifies how claims against these bonds are handled, prioritizing payments to the state and then to affected customers, such as those who purchase money transmission services or are installment buyers.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

Votes

Sponsorship · 6 Sponsors

Democrat2Republican4Independent0Other0

R · PrimeMark Tisdel
R · CoSarah Lightner
R · CoDavid Martin
D · CoBrenda Carter
D · CoWill Snyder
R · CoBill Schuette

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