Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 2 of 1988 PA 161 (MCL 487.2052). TIE BAR WITH: HB 5544'26
HB 5545 updates the Consumer Financial Services Act to correct outdated references to money transmission services. It revises Section 2 of the law to accurately include the Money Transmission Modernization Act and fix an error in the reference to the Money Transmission Services Act (2006 PA 250). This ensures Michigan's financial licensing definitions remain current and error-free for regulators and institutions. The bill does not change regulatory requirements for money transmitters but aligns legal references with existing statutes.
Bill status
passed both
4 of 5 stages cleared
Introduction
Feb 2026
Committee Review
Jul 2026
House Passage
Jun 2026
Senate Passage
Jul 2026
Governor
Introduced Feb 19, 2026
Last action Jul 1, 2026
Maddy AI version diff · 1 comparison
What changed between versions
House Introduced Bill
→
As Passed by the House
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1 edit
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Jun 25, 2026
MINOR
The amendment reorganized the definition of 'collection' to improve readability by splitting the long list of applicable laws and agreements onto separate lines. This change clarifies that the definition applies to mortgage loans, secondary mortgage loans, and agreements with mortgagors under specific state acts, but it does not alter the actual legal requirements or scope of the bill.
TECHNICAL
Reformatted the definition of 'collection' by breaking a single dense paragraph into multiple lines for better readability without changing the legal meaning.
Floor votes · House Jun 25, 2026
How they voted
This bill passed the Senate by voice vote (no roll call recorded).
Full legislative history
Actions timeline
Total actions
13
Key actions
3
Committee
4
Jul 1, 2026
Committee
REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
upper
Jul 1, 2026
Upper · Passed
PASSED BY HOUSE WITH IMMEDIATE EFFECT
upper
Jun 25, 2026
Lower · Passed
passed; given immediate effect Roll Call #264 Yeas 102 Nays 5 Excused 0 Not Voting 3
lower
Mar 17, 2026
Committee
referred to second reading
lower
Mar 17, 2026
Lower · Passed
reported with recommendation without amendment
lower
Feb 19, 2026
Committee
referred to Committee on Finance
lower
Feb 19, 2026
Introduced
introduced by Representative Rep. David Martin
lower
1 primary · 5 co-sponsors
Sponsors
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