Consumer protection: other; citations to the motor vehicle sales finance act in the consumer financial services act; revise. Amends secs. 2 & 6 of 1988 PA 161 (MCL 487.2052 & 487.2056). TIE BAR WITH: HB 5354'23

This bill updates the Consumer Financial Services Act to clarify how it references the Motor Vehicle Sales Finance Act, ensuring consistency in how financial regulations are applied across Michigan. It directly affects businesses licensed by the state to offer financial services, such as lending, mortgage brokering, and money transmission. The key provision requires applicants for these licenses to provide a surety bond or letter of credit of at least $500,000 to protect consumers if the licensee fails to pay debts owed to them. Additionally, the bill specifies that claims against these bonds can only be filed by the state or specific individuals who have suffered financial loss due to the licensee's actions.