Revises internal references related to money transmission services in the Consumer Financial Services Act.
This bill amends the Consumer Financial Services Act to revise internal references related to money transmission services. It updates the act to reflect changes in the money transmission services act and the mortgage brokers, lenders, and servicers licensing act. The changes include modifying the requirements for surety bonds or letters of credit for applicants providing money transmission services. The bill also specifies the conditions under which claims can be filed against a licensee's bond or letter of credit.
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