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:
(a) "Applicant" means a person that has applied to the commissioner to be licensed under this act.
(b) "Bureau" means the office of financial and insurance services of the department of labor and economic growth.department of insurance and financial services.
(c) "Business activity" means any activity regulated by under any of the financial licensing acts.
(d) "Class I license" means a license issued under this act that authorizes the licensee to engage in all of the activities permitted under any of the financial licensing acts.
(e) "Class II license" means a license issued under this act that authorizes all of the activities permitted under a class I license except for activities permitted under the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916, loan servicing activities under the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, or the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684.
(f) "Commissioner" means the commissioner of the office of financial and insurance services director of the bureau or an authorized representative of the commissioner.director.
(g) "Control person" means a director or executive officer of a licensee or a person who that has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee.
(h) "Depository financial institution" means a bank, savings and loan association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States, whose deposits are insured by an agency of the federal government.
(i) "Executive officer" means an officer, member, or partner of a licensee, including chief executive officer, president, vice president, chief financial officer, controller, compliance officer, or any other similar position.
(j) "Financial licensing acts" means this any of the following:
(i) This act. ; the
(ii) The regulatory loan act, 1939 PA 21, MCL 493.1 to 493.24. ; the
(iii) The secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81. ; the
(iv) The motor vehicle sales finance act, 1950 (Ex Sess) PA 27, MCL 492.101 to 492.141. ;
(v) 1984 PA 379, MCL 493.101 to 493.114. ; the sale of checks act, 1960 PA 136, MCL 487.901 to 487.916;
(vi) Through June 30, 2026, the money transmission services act, 2006 PA 250, MCL 487.1001 to 487.1048; and the 487.1047.
(vii) The money transmission modernization act.
(viii) The mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684.
(k) "Licensee" means a person that is licensed under this act.
(l) "Loan servicing activities" means the collection or remittance for a lender, noteowner, noteholder, or the licensee's own account of 4 or more installment payments of the principal, interest, or an amount placed in escrow under a mortgage servicing agreement or a mortgage loan subject to the mortgage brokers, lenders, and servicers licensing act, 1987 PA 173, MCL 445.1651 to 445.1684, or a mortgage servicing agreement or secondary mortgage loan subject to the secondary mortgage loan act, 1981 PA 125, MCL 493.51 to 493.81, or an agreement with the mortgagor.
(m) "Money transmission" means that term as defined in section 5 of the money transmission modernization act.
(n) (m) "Person" means an individual, corporation, partnership, association, limited liability company, or any other legal entity.
Enacting section 1. This amendatory act takes effect January 1, 2026.
Enacting section 2. This amendatory act does not take effect unless House Bill No. 5544 (request no. H02309'25) of the 103rd Legislature is enacted into law.