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SB835 • 2026

Financial institutions: money transmitters; money transmission modernization act; create. Creates new act & repeals 2006 PA 250 (MCL 487.1001 - 487.1047).

Financial institutions: money transmitters; money transmission modernization act; create. Creates new act & repeals 2006 PA 250 (MCL 487.1001 - 487.1047).

Active

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

Sponsor
Rosemary Bayer (District 13), Roger Victory (District 31), Mary Cavanagh (District 6), John Damoose (District 37), Veronica Klinefelt (District 11)
Last action
2026-03-17
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; money transmission modernization act; create. Creates new act & repeals 2006 PA 250 (MCL 487.1001 - 487.1047).

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

What This Bill Does

  • Financial institutions: money transmitters; money transmission modernization act; create.
  • Creates new act & repeals 2006 PA 250 (MCL 487.1001 - 487.1047).

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. 2026-03-17 SJ 25 Pg. 207

    INTRODUCED BY SENATOR ROSEMARY BAYER

  2. 2026-03-17 SJ 25 Pg. 207

    REFERRED TO COMMITTEE ON FINANCE, INSURANCE, AND CONSUMER PROTECTION

Official Summary Text

Financial institutions: money transmitters; money transmission modernization act; create. Creates new act & repeals 2006 PA 250 (MCL 487.1001 - 487.1047).