Financial institutions: money transmitters; money transmission modernization act; create. Creates new act.
Key claim: Michigan House Bill 5544 proposes a new Money Transmission Modernization Act to establish updated licensing and regulatory requirements for money transmitters in the state.
Abstract
(HB5544 · 103rd Legislature) Financial institutions: money transmitters; money transmission modernization act; create. Creates new act. Latest action (2026-07-01): Referred To Committee On Finance, Insurance, And Consumer Protection
Why this matters
A new Money Transmission Modernization Act would replace or supplement Michigan’s existing money transmitter licensing rules, changing compliance obligations for firms handling consumer payments, remittances, and potentially virtual currency transfers. For workers and businesses that rely on money transmission services, updated standards may affect fees, consumer protections, and market entry. The proposal reflects a broader Michigan trend of modernizing non-bank financial licensing regimes.