Michigan legislation · 103rd Legislature
Michigan HB5550: 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
Status: In committee, July 1, 2026
What the bill says
To amend 1988 PA 161, entitled "Consumer financial services act," by amending section 10g (MCL 487.2060g), 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 10g (MCL 487.2060g), as amended by 2006 PA 252. the people of the state of michigan enact: Sec. 10g. (1) If, in the opinion of the commissioner, a person has engaged in fraud or money laundering, the commissioner may serve upon that the person with a written notice of intention to prohibit that person from being employed by, an agent of, or control person of a licensee under this act or a licensee or registrant under a financial licensing act. (2) A notice issued under subsection (1) shall must contain a statement of the facts supporting the prohibition and, except as provided under subsection (7), set a hearing to be held not more than 60 days after the date of the notice. If the person does not appear at the hearing, he or she the person is considered to have consented to the issuance of an order in accordance with the notice. (3) If, after a hearing held under subsection (2), the commissioner finds that any of the grounds specified in the notice have been established, the commissioner may issue an order of suspension or prohibition from being a licensee or registrant or from being employed by, an agent of, or control person of any …
Sponsors
- Schuette, Bill (R, 95) · primary sponsor
- Tisdel, Mark (R, 55)
- Lightner, Sarah (R, 45)
- Martin, David (R, 68)
- Carter, Brenda (D, 53)
- Snyder, Will (D, 87)
Latest actions
- : REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
- : PASSED BY HOUSE WITH IMMEDIATE EFFECT
- : transmitted
- : passed; given immediate effect Roll Call #269 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 HB5550?
- HB5550 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. 10g of 1988 PA 161 (MCL 487.2060g). TIE BAR WITH: HB 5544'26.
- What does HB5550 do?
- In its own words: To amend 1988 PA 161, entitled "Consumer financial services act," by amending section 10g (MCL 487.2060g), as amended by 2006 PA 252.
- What is the status of HB5550?
- In committee as of July 1, 2026. Latest action: REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION (July 1, 2026).
- Who sponsored HB5550?
- Schuette, Bill (R, 95), with 5 co-sponsors.
- Where is the official record for HB5550?
- On the Michigan Legislature website: https://www.legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5550
Source: official Michigan record. Tracked by Delilah, AI for legislation across all 50 states and Congress.