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SB774 • 2026

Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances. Amends secs. 2, 3 & 25 of 2006 PA 250 (MCL 487.1002 et seq.) & adds secs. 21a & 35.

Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances. Amends secs. 2, 3 & 25 of 2006 PA 250 (MCL 487.1002 et seq.) & adds secs. 21a & 35.

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Jim Runestad (District 23), Joseph N. Bellino Jr. (District 16), Jonathan Lindsey (District 17)
Last action
2026-01-29
Official status
REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances. Amends secs. 2, 3 & 25 of 2006 PA 250 (MCL 487.1002 et seq.) & adds secs. 21a & 35.

Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances.

What This Bill Does

  • Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances.
  • Amends secs.
  • 2, 3 & 25 of 2006 PA 250 (MCL 487.1002 et seq.) & adds secs.
  • 21a & 35.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-01-29 SJ 7 Pg. 52

    INTRODUCED BY SENATOR JIM RUNESTAD

  2. 2026-01-29 SJ 7 Pg. 52

    REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION

Official Summary Text

Financial institutions: money transmitters; foreign remittance transfers; prohibit under certain circumstances. Amends secs. 2, 3 & 25 of 2006 PA 250 (MCL 487.1002 et seq.) & adds secs. 21a & 35.