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

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Plain-English Summary

This bill amends the Consumer Financial Services Act to allow the commissioner to prohibit individuals engaged in fraud or money laundering from working for financial licensees. It outlines the process for issuing such prohibitions, including notice, hearings, and appeals, and defines "fraud" and "money laundering." The bill would take effect on January 1, 2026, if a related House Bill is also passed into law.

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Votes

Sponsorship · 6 Sponsors

Democrat2Republican4Independent0Other0

R · PrimeBill Schuette
R · CoMark Tisdel
R · CoSarah Lightner
R · CoDavid Martin
D · CoBrenda Carter
D · CoWill Snyder

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