Michigan HB5548 revises internal references related to money transmission services in the Consumer Financial Services Act.

Michigan HB5548 amends the Consumer Financial Services Act to revise internal references related to money transmission services. The bill modifies the requirements for net worth disclosure in license applications, specifying exclusions such as pledged assets, joint ventures, goodwill, and organization costs. It also allows the commissioner to establish higher net worth requirements for new class I licensees to ensure safe and sound operations. The changes take effect on January 1, 2026.

Michigan HB5548 revises internal references related to money transmission services in the Consumer Financial Services Act.

Michigan HB5548 amends the Consumer Financial Services Act to revise internal references related to money transmission services. The bill modifies the requirements for net worth disclosure in license applications, specifying exclusions such as pledged assets, joint ventures, goodwill, and organization costs. It also allows the commissioner to establish higher net worth requirements for new class I licensees to ensure safe and sound operations. The changes take effect on January 1, 2026.