Michigan legislation · 103rd Legislature
Michigan HB5549: 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
Status: In committee, July 1, 2026
What the bill says
To amend 1988 PA 161, entitled "Consumer financial services act," by amending section 6 (MCL 487.2056), 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 6 (MCL 487.2056), as amended by 2006 PA 252. the people of the state of michigan enact: Sec. 6. (1) An applicant for a license shall furnish a surety bond or letter of credit to secure its the applicant's obligations under this act to the commissioner. Except as provided in this subsection, the principal amount of a surety bond or letter of credit shall must be at least $500,000.00. If the applicant intends to provide services for money transmission, services as defined in section 2 of the money transmission services act, the applicant shall must file a surety bond that is in a principal amount as determined under section 13(5)(b) 67 of the money transmission services modernization act for a licensee under that act. (2) A surety bond described in subsection (1) shall must be payable to the commissioner for the benefit of the people of the this state of Michigan for the use of, and may be sued on by, the this state. A surety bond or letter of credit shall remain remains for the duration of the licensure period. (3) A surety bond or letter of credit required under subsection (1) shall must be in a form satisfactory to the commissioner and payable …
Sponsors
- Tisdel, Mark (R, 55) · primary sponsor
- Lightner, Sarah (R, 45)
- Martin, David (R, 68)
- Carter, Brenda (D, 53)
- Snyder, Will (D, 87)
- Schuette, Bill (R, 95)
Latest actions
- : REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
- : PASSED BY HOUSE WITH IMMEDIATE EFFECT
- : transmitted
- : passed; given immediate effect Roll Call #268 Yeas 102 Nays 5 Excused 0 Not Voting 3
- : read a third time
- : placed on third reading
- : read a second time
- : referred to second reading
- : reported with recommendation without amendment
- : 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
Subjects: Financial institutions: other, Financial institutions: money transmitters
Common questions
- What is HB5549?
- HB5549 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. 6 of 1988 PA 161 (MCL 487.2056). TIE BAR WITH: HB 5544'26.
- What does HB5549 do?
- In its own words: To amend 1988 PA 161, entitled "Consumer financial services act," by amending section 6 (MCL 487.2056), as amended by 2006 PA 252.
- What is the status of HB5549?
- In committee as of July 1, 2026. Latest action: REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION (July 1, 2026).
- Who sponsored HB5549?
- Tisdel, Mark (R, 55), with 5 co-sponsors.
- Where is the official record for HB5549?
- On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5549
Source: official Michigan record. Tracked by Delilah, AI for legislation across all 50 states and Congress.