Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 6 of 1988 PA 161 (MCL 487.2056). TIE BAR WITH: HB 5544'26

HB 5549 updates the Consumer Financial Services Act to align its references with the separate Money Transmission Services Modernization Act. It requires financial institutions applying for a license to provide money transmission services to file a surety bond in an amount matching the bond requirement for money transmission licensees under that separate law (Section 13(5)(b)). This change ensures consistency between the two laws regarding bond amounts for money transmission services, directly affecting institutions seeking such licenses in Michigan. The bill does not create new requirements but corrects internal references to avoid confusion in licensing rules.