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HB-5548, As Passed House, June 25, 2026
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HOUSE BILL NO. 5548
A bill to amend 1988 PA 161, entitled
"Consumer financial services act,"
by amending section 5 (MCL 487.2055), as amended by 2006 PA 252.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 5. (1) An application for a license shall must be 1
accompanied by all of the following: 2
(a) An annual operating fee as established by the commissioner 3
under section 11. 4
(b) An application fee as provided in section 11. The 5
February 19, 2026, Introduced by Reps. Lightner, Tisdel, Martin, B. Carter, Snyder and Schuette
and referred to Committee on Finance.
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application fee is not refundable. 1
(c) Financial statements, reasonably satisfactory to the 2
commissioner, showing that the applicant's net worth exceeds 3
$100,000.00 for an applicant for a class I license; $50,000.00 for 4
an applicant for a class II license; $1,000,000.00 for an applicant 5
that intends to engage in business activity governed by 1984 PA 6
379, MCL 493.101 to 493.114; or $100,000.00 plus an additional 7
$25,000.00 for each location or authorized delegate, as applicable, 8
or $1,000,000.00, whichever is less, for an applicant that intends 9
to provide services for money transmission. services as defined in 10
section 2 of the money transmission services act. 11
(2) A licensee shall have and continue to maintain the 12
required net worth under subsection (1) while engaging in the 13
business activities authorized for licensing under this act. 14
(3) The commissioner may by order establish a higher net worth 15
requirement under subsection (1) for new class I licensees to 16
assure ensure safe and sound operation of the activities. 17
(4) (2) Net worth under subsection (1)(c) shall must be 18
determined at the conclusion of the fiscal year of the licensee 19
immediately preceding the date an application for a license is 20
submitted to the commissioner or, for corporations not in existence 21
as of the previous year end, the immediately preceding month end. 22
(5) Net worth shall must be disclosed on a form prescribed by 23
the commissioner or on a form prepared or reviewed by a certified 24
public accountant and shall must be computed in accordance with 25
generally accepted accounting principles. 26
(6) The following assets shall must be excluded in the 27
computation of net worth: 28
(a) That portion of an applicant's assets pledged to secure 29
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Final Page
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obligations of any person other than the applicant. 1
(b) Receivables from officers or, in the case of a corporate 2
applicant other than a publicly traded company, stockholders of the 3
applicant or persons in which the applicant's officers or 4
stockholders have an interest, except that construction loan 5
receivables secured by mortgages from related companies are not so 6
excluded. 7
(c) An amount in excess of the lower of the cost or market 8
value of mortgage loans in foreclosure or real property acquired 9
through foreclosure. 10
(d) An investment shown on the balance sheet in joint 11
ventures, subsidiaries, or affiliates that is greater than the 12
market value of the investment. 13
(e) Goodwill or value placed on insurance renewals or property 14
management contract renewals or other similar intangible value. 15
(f) Organization costs. 16
Enacting section 1. This amendatory act takes effect January 17
1, 2026. 18
Enacting section 2. This amendatory act does not take effect 19
unless House Bill No. 5544 (request no. H02309'25) of the 103rd 20
Legislature is enacted into law. 21