Financial institutions: money transmitters; money transmission modernization act; create. Creates act & repeals 2006 PA 250 (MCL 487.1001 - 487.1047).

This bill replaces Michigan's existing money transmission laws with a new framework designed to modernize regulations for businesses that move money on behalf of others. The act requires these companies to obtain a state license and establishes clear rules for protecting customer funds, preventing financial crime, and coordinating with other regulators to reduce unnecessary burdens. Key provisions include standardized definitions for ownership control, specific requirements for maintaining customer security, and updated criteria for financial stability ratings. By repealing the previous 2006 legislation, the bill aims to create a more competitive environment while maintaining strict oversight over money transmission activities.