The bill amends the Consumer Financial Services Act of 1988 by updating definitions and terminology within the law. Notably, it changes the name of the regulatory body from the "office of financial and insurance services of the department of labor and economic growth" to the "department of insurance and financial services." Additionally, it clarifies the definitions of various terms such as "business activity," "licensee," and "loan servicing activities," while also introducing new definitions, including "money transmission" as defined in the money transmission modernization act.

Furthermore, the bill modifies the classification of licenses, specifically removing references to certain activities under the sale of checks act and the secondary mortgage loan act from the Class II license definition. It also expands the list of financial licensing acts to include additional regulations, such as the money transmission modernization act. The amendments are set to take effect on January 1, 2026, contingent upon the enactment of House Bill No. 5544.

Statutes affected:
House Introduced Bill: 487.2052