Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends secs. 2, 5, 6 & 10g of 1988 PA 161 (MCL 487.2052 et seq.). TIE BAR WITH: SB 0835'26

This bill amends the Michigan Consumer Financial Services Act to update internal references related to money transmission services within the state's financial licensing framework. It directly affects financial institutions, money transmission companies, and other entities seeking licenses under the act by modifying definitions and requirements in the statute. The key changes include clarifying terminology for money transmission activities and ensuring consistency with the Money Transmission Modernization Act, which is listed as a referenced financial licensing act through June 30, 2026. The bill does not alter existing licensing fees, net worth requirements, or surety bond amounts but rather aligns the Consumer Financial Services Act's language with current money transmission regulations.