Michigan SB0836 revises internal references related to money transmission services in the Consumer Financial Services Act.

Michigan SB0836 amends sections 2, 5, 6, and 10g of the Consumer Financial Services Act to revise internal references related to money transmission services. It updates definitions and requirements for financial institutions, including those related to surety bonds, net worth, and fraud or money laundering. The bill also modifies provisions for claims against bonds or letters of credit, and the process for issuing notices and orders related to financial misconduct. The changes aim to ensure the safe and sound operation of financial activities and protect consumers.

Michigan SB0836 revises internal references related to money transmission services in the Consumer Financial Services Act.

Michigan SB0836 amends sections 2, 5, 6, and 10g of the Consumer Financial Services Act to revise internal references related to money transmission services. It updates definitions and requirements for financial institutions, including those related to surety bonds, net worth, and fraud or money laundering. The bill also modifies provisions for claims against bonds or letters of credit, and the process for issuing notices and orders related to financial misconduct. The changes aim to ensure the safe and sound operation of financial activities and protect consumers.