The bill amends the Consumer Financial Services Act, specifically section 2, to update definitions and terminology related to the regulation of financial services in Michigan. Notably, it replaces the term "office of financial and insurance services" with "bureau of insurance and financial services," reflecting a reorganization of the department. Additionally, the definitions of "financial licensing acts" have been expanded to include specific acts such as the regulatory loan act, secondary mortgage loan act, motor vehicle sales finance act, and the earned wage access services act, while removing references to the sale of checks act.

Furthermore, the bill clarifies the roles and definitions of key terms such as "commissioner," "licensee," and "loan servicing activities." It specifies that the commissioner refers to the director of the newly named bureau or an authorized representative, and it provides a more comprehensive list of financial licensing acts that govern various financial activities. The enactment of this bill is contingent upon the passage of House Bill No. 5558, indicating a coordinated legislative effort to reform financial services regulation in Michigan.

Statutes affected:
House Introduced Bill: 487.2052