Financial institutions: money transmitters; money transmission modernization act; create. Creates new act.

This bill, called the "money transmission modernization act," aims to update Michigan's laws regarding the business of sending money. It requires companies that transmit money to be licensed and sets rules for how they operate, intending to protect the public from financial crime and ensure customer funds are safe. The bill also outlines specific activities that are exempt from these licensing requirements.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text