Michigan HB5548: Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 5 of 1988 PA 161 (MCL 487.2055). TIE BAR WITH: HB 5544'26

What the bill says

To amend 1988 PA 161, entitled "Consumer financial services act," by amending section 5 (MCL 487.2055), 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 5 (MCL 487.2055), as amended by 2006 PA 252. the people of the state of michigan enact: Sec. 5. (1) An application for a license shall must be accompanied by all of the following: (a) An annual operating fee as established by the commissioner under section 11. (b) An application fee as provided in section 11. The application fee is not refundable. (c) Financial statements, reasonably satisfactory to the commissioner, showing that the applicant's net worth exceeds $100,000.00 for an applicant for a class I license; $50,000.00 for an applicant for a class II license; $1,000,000.00 for an applicant that intends to engage in business activity governed by 1984 PA 379, MCL 493.101 to 493.114; or $100,000.00 plus an additional $25,000.00 for each location or authorized delegate, as applicable, or $1,000,000.00, whichever is less, for an applicant that intends to provide services for money transmission. services as defined in section 2 of the money transmission services act. (2) A licensee shall have and continue to maintain the required net worth under subsection (1) while engaging in the business activities authorized for licensing under this act. (3) The commissioner may by order establish a higher net worth requirement under subsection (1) for new class I licensees …

Read the full official text

Sponsors

• Lightner, Sarah (R, 45) · primary sponsor
• Tisdel, Mark (R, 55)
• Martin, David (R, 68)
• 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 #267 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 HB5548?

HB5548 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. 5 of 1988 PA 161 (MCL 487.2055). TIE BAR WITH: HB 5544'26.

What does HB5548 do?

In its own words: To amend 1988 PA 161, entitled "Consumer financial services act," by amending section 5 (MCL 487.2055), as amended by 2006 PA 252.

What is the status of HB5548?

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

Who sponsored HB5548?

Lightner, Sarah (R, 45), with 5 co-sponsors.

Where is the official record for HB5548?

On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5548