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

2025-2026 Regular Session Introduced by Brenda Carter and 5 co-sponsors

HB 5549 updates internal statutory cross-references related to money transmission services in Michigan to maintain consistency with related financial services provisions.

REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION

#financialinstitutions:moneytransmitters #financialinstitutions:other

Overview

HB 5549 (2025-2026 Session, Michigan) proposes to revise internal references related to money transmission services within the Financial Institutions and consumer financial services framework. Specifically, it amends section 6 of 1988 Public Act 161 (MCL 487.2056). The bill appears to tie its content to HB 5544/ HB 5526 for alignment or cross-reference purposes (TIE BAR).

Principal aim: Update internal statutory references to money transmission services to reflect current organizational or definitional changes in the money transmission regulatory framework.

Topic area: Financial institutions; consumer financial services; money transmission.

Key Provisions (as described)

Amends MCL 487.2056 (Sec. 6 of 1988 PA 161) to revise internal references related to money transmission services.

The exact textual revisions are not provided in the summary, but the bill’s purpose is to realign cross-references within the statute to ensure consistency with money transmission regulations.

Tied to other bills (TIE BAR) HB 5544 and HB 5526, indicating coordinated changes across related statutes or provisions.

Who/What Is Affected

Financial institutions and money transmission service entities operating under Michigan law.

State regulatory and enforcement framework for consumer financial services, including entities that engage in money transmission.

Legal and compliance departments of affected banks, non-bank money transmitters, payment processors, and fintechs that operate under Michigan regulation.

State legislators, the Department of Insurance and Financial Services (or its successor regulatory body), and legal practitioners referencing MCL 487.2056.

Procedural and Timeline Details

Introductory actions: Introduced February 19, 2026 by Rep. Mark Tisdel.

Sponsorship: Co-sponsors include Brenda Carter, Bill Schuette, Will Snyder, David Martin, Mark Tisdel, and Sarah Lightner.

Committee action: Referred to the House Committee on Finance (02/19/2026). Reported with recommendation without amendment and referred to second reading (03/17/2026).

Effective date: Not specified in the summary; typically, Michigan bills become effective upon enactment or a later effective date specified within the bill.

Practical Implications

For regulated entities: Likely minor, technical alignment of internal statutory references to avoid ambiguity in compliance obligations.

For regulators: Simplifies enforcement and interpretation by ensuring cross-references are accurate.

For consumers: No direct change in consumer rights or protections unless related to how money transmission is regulated; potential improvements in regulatory clarity.

Notes

The bill is a relatively narrow technical revision, described as “revis internal references related to money transmission services.”

It is tied to related bills (HB 5544 and HB 5526), suggesting a package of updates to the money transmission and related financial services provisions.

As the text of the amendment is not provided here, the exact sections, language changes, and any incidental provisions are not specified.