Michigan HB5545: Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 2 of 1988 PA 161 (MCL 487.2052). TIE BAR WITH: HB 5544'26

What the bill says

To amend 1988 PA 161, entitled "Consumer financial services act," by amending section 2 (MCL 487.2052), as amended by 2006 PA 252.

From the engrossed text, June 25, 2026:

A bill to amend 1988 PA 161, entitled "Consumer financial services act," by amending section 2 (MCL 487.2052), as amended by 2006 PA 252. the people of the state of michigan enact: Sec. 2. As used in this act: (a) "Applicant" means a person that has applied to the commissioner to be licensed under this act. (b) "Bureau" means the office of financial and insurance services of the department of labor and economic growth.department of insurance and financial services. (c) "Business activity" means any activity regulated by under any of the financial licensing acts. (d) "Class I license" means a license issued under this act that authorizes the licensee to engage in all of the activities permitted under any of the financial licensing acts. (e) "Class II license" means a license issued under this act that authorizes all of the activities permitted under a class I license except for activities permitted under the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, loan servicing activities under the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, or the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684. (f) "Commissioner" means the commissioner of the office of financial and insurance services director of the bureau or an authorized representative of the commissioner.director. …

Read the full official text

Sponsors

• Martin, David (R, 68) · primary sponsor
• Tisdel, Mark (R, 55)
• Lightner, Sarah (R, 45)
• Carter, Brenda (D, 53)
• Snyder, Will (D, 87)
• Schuette, Bill (R, 95)

Latest actions

1. July 1, 2026: REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
2. July 1, 2026: PASSED BY HOUSE WITH IMMEDIATE EFFECT
3. June 25, 2026: transmitted
4. June 25, 2026: passed; given immediate effect Roll Call #264 Yeas 102 Nays 5 Excused 0 Not Voting 3
5. June 25, 2026: read a third time
6. June 23, 2026: placed on third reading
7. June 23, 2026: read a second time
8. March 17, 2026: referred to second reading
9. March 17, 2026: reported with recommendation without amendment
10. February 19, 2026: bill electronically reproduced 02/19/2026

Votes

• passed; given immediate effect (June 25, 2026): 102 yea, 5 nay, passed
• Reported With Recommendation Without Amendment (March 17, 2026): 9 yea, 0 nay, passed

Common questions

What is HB5545?

HB5545 is a bill in the Michigan Legislature (103rd Legislature): Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 2 of 1988 PA 161 (MCL 487.2052). TIE BAR WITH: HB 5544'26.

What does HB5545 do?

In its own words: To amend 1988 PA 161, entitled "Consumer financial services act," by amending section 2 (MCL 487.2052), as amended by 2006 PA 252.

What is the status of HB5545?

In committee as of July 1, 2026. Latest action: REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION (July 1, 2026).

Who sponsored HB5545?

Martin, David (R, 68), with 5 co-sponsors.

Where is the official record for HB5545?

On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5545