Michigan HB5544 establishes the Money Transmission Modernization Act to regulate money transmission businesses in Michigan.

Michigan HB5544, the Money Transmission Modernization Act, aims to replace existing state money transmission laws. It regulates money transmission businesses, ensuring public protection and financial stability. The act requires businesses to obtain a license, outlines application procedures, and sets financial and operational standards. It also establishes procedures for investigations, examinations, and enforcement actions against non-compliant businesses. The act includes provisions for authorized delegates, permissible investments, and reporting requirements.

Michigan HB5544 establishes the Money Transmission Modernization Act to regulate money transmission businesses in Michigan.

Michigan HB5544, the Money Transmission Modernization Act, aims to replace existing state money transmission laws. It regulates money transmission businesses, ensuring public protection and financial stability. The act requires businesses to obtain a license, outlines application procedures, and sets financial and operational standards. It also establishes procedures for investigations, examinations, and enforcement actions against non-compliant businesses. The act includes provisions for authorized delegates, permissible investments, and reporting requirements.