The bill amends the Consumer Financial Services Act, specifically section 2, to update definitions and terminology related to financial services in Michigan. Key changes include the replacement of the "office of financial and insurance services" with the "department of insurance and financial services," and the clarification of various terms such as "business activity," "licensee," and "money transmission." The bill also introduces new definitions, including "money transmission" as defined in the Money Transmission Modernization Act, and modifies existing definitions to enhance clarity and consistency within the law.

Additionally, the bill specifies that the amendments will take effect on January 1, 2026, and stipulates that the enactment of this bill is contingent upon the passage of House Bill No. 5544. The revisions aim to streamline the regulatory framework for financial services and ensure that the definitions used in the law are up-to-date and reflective of current practices in the industry.

Statutes affected:
House Introduced Bill: 487.2052
As Passed by the House: 487.2052