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HB-5545, As Passed House, June 25, 2026
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HOUSE BILL NO. 5545
A bill to amend 1988 PA 161, entitled
"Consumer financial services act,"
by amending section 2 (MCL 487.2052), as amended by 2006 PA 252.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 2. As used in this act: 1
(a) "Applicant" means a person that has applied to the 2
commissioner to be licensed under this act. 3
(b) "Bureau" means the office of financial and insurance 4
services of the department of labor and economic growth.department 5
February 19, 2026, Introduced by Reps. Martin, Tisdel, Lightner, B. Carter, Snyder and Schuette
and referred to Committee on Finance.
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of insurance and financial services. 1
(c) "Business activity" means any activity regulated by under 2
any of the financial licensing acts. 3
(d) "Class I license" means a license issued under this act 4
that authorizes the licensee to engage in all of the activities 5
permitted under any of the financial licensing acts. 6
(e) "Class II license" means a license issued under this act 7
that authorizes all of the activities permitted under a class I 8
license except for activities permitted under the sale of checks 9
act, 1960 PA 136, MCL 487.901 to 487.916, loan servicing activities 10
under the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 11
493.81, or the mortgage brokers, lenders, and servicers licensing 12
act, 1987 PA 173, MCL 445.1651 to 445.1684. 13
(f) "Commissioner" means the commissioner of the office of 14
financial and insurance services director of the bureau or an 15
authorized representative of the commissioner.director. 16
(g) "Control person" means a director or executive officer of 17
a licensee or a person who that has the authority to participate in 18
the direction, directly or indirectly through 1 or more other 19
persons, of the management or policies of a licensee. 20
(h) "Depository financial institution" means a bank, savings 21
and loan association, savings bank, or credit union organized under 22
the laws of this state, another state, the District of Columbia, 23
the United States, or a territory or protectorate of the United 24
States, whose deposits are insured by an agency of the federal 25
government. 26
(i) "Executive officer" means an officer, member, or partner 27
of a licensee, including chief executive officer, president, vice 28
president, chief financial officer, controller, compliance officer, 29
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or any other similar position. 1
(j) "Financial licensing acts" means this any of the 2
following: 3
(i) This act. ; the 4
(ii) The regulatory loan act, 1939 PA 21, MCL 493.1 to 493.24. 5
; the 6
(iii) The secondary mortgage loan act, 1981 PA 125, MCL 493.51 7
to 493.81. ; the 8
(iv) The motor vehicle sales finance act, 1950 (Ex Sess) PA 27, 9
MCL 492.101 to 492.141. ; 10
(v) 1984 PA 379, MCL 493.101 to 493.114. ; the sale of checks 11
act, 1960 PA 136, MCL 487.901 to 487.916; 12
(vi) Through June 30, 2026, the money transmission services 13
act, 2006 PA 250, MCL 487.1001 to 487.1048; and the 487.1047. 14
(vii) The money transmission modernization act. 15
(viii) The mortgage brokers, lenders, and servicers licensing 16
act, 1987 PA 173, MCL 445.1651 to 445.1684. 17
(k) "Licensee" means a person that is licensed under this act. 18
(l) "Loan servicing activities" means the collection or 19
remittance for a lender, noteowner, noteholder, or the licensee's 20
own account of 4 or more installment payments of the principal, 21
interest, or an amount placed in escrow under a mortgage servicing 22
agreement or a mortgage loan subject to the mortgage brokers, 23
lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 24
445.1684, or a mortgage servicing agreement or secondary mortgage 25
loan subject to the secondary mortgage loan act, 1981 PA 125, MCL 26
493.51 to 493.81, or an agreement with the mortgagor. 27
(m) "Money transmission" means that term as defined in section 28
5 of the money transmission modernization act. 29
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Final Page
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(n) (m) "Person" means an individual, corporation, 1
partnership, association, limited liability company, or any other 2
legal entity. 3
Enacting section 1. This amendatory act takes effect January 4
1, 2026. 5
Enacting section 2. This amendatory act does not take effect 6
unless House Bill No. 5544 (request no. H02309'25) of the 103rd 7
Legislature is enacted into law. 8