Money Transmission Modernization Act

Current understanding

Michigan House Bill 5544 proposes a new Money Transmission Modernization Act to establish updated licensing and regulatory requirements for money transmitters operating in the state. The act would create a modernized statutory framework, likely aligning Michigan with the multistate model law adopted by other jurisdictions. Status: passed one chamber.

Evidence log

• 2026-05-19 — Consumer protection: other; cryptocurrency kiosks; prohibit the installation and operation of. Creates new act. TIE BAR WITH: HB 5987’26: cross-connection with cryptocurrency-kiosk-prohibition: Crypto kiosk operators typically fall under money transmission licensing; a kiosk ban would remove a category of transmitter activity otherwise governed by the Money Transmission Modernization Act. (novelty: 3)
• 2026-06-11 — Consumer protection: other; virtual currency kiosks; prohibit the operation of. Creates new act.: cross-connection with virtual-currency-kiosk-prohibition: Both regulate money-movement conduits under Michigan consumer/financial-protection law; the kiosk ban targets a channel that money transmission modernization otherwise licenses. (novelty: 3)
• 2026-06-17 — Financial institutions: credit unions; commitment for insurance from a qualified private insurance organization; allow for domestic credit unions in certain filings. Amends sec. 301 of 2003 PA 215 (MCL 490.301). TIE BAR WITH: HB 5780’26, HB 5781’26, HB 5782’26, HB 5783’26: cross-connection with credit-union-act: Both are 2026 amendments modernizing Michigan’s financial-institution licensing and regulatory frameworks (credit unions and money transmitters respectively). (novelty: 2)
• 2026-06-25 — Financial institutions: money transmitters; money transmission modernization act; create. Creates new act.: cross-connection with residential-mortgage-licensing: Both are contemporaneous efforts to modernize Michigan’s licensing framework for non-bank financial service providers, signaling a coordinated update of the state’s financial institution regulatory architecture. (novelty: 3)

Open questions

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