Financial institutions: other; consumer financial services act; revise internal references related to money transmission services. Amends sec. 5 of 1988 PA 161 (MCL 487.2055). TIE BAR WITH: HB 5544'26

HB 5548 amends Michigan's Consumer Financial Services Act to update internal references related to money transmission services. It specifically clarifies the net worth requirement for applicants seeking licenses to provide money transmission services, maintaining a base requirement of $100,000 plus $25,000 for each location (or $1 million total, whichever is less). The bill does not change the actual financial requirements but ensures consistent terminology with Michigan's separate Money Transmission Services Act. This affects businesses applying for or holding licenses to operate money transmission services in Michigan.