Michigan payments and fintech laws

What it would do: Amends the Consumer Financial Services Act to update internal references and definitions related to financial licensing acts, including replacing references to the money transmission services act with the money transmission modernization act, and updating bureau and commissioner title references.

What it would do: Amends the Deferred Presentment Service Transactions Act to revise internal references and definitions, including updating references to the money transmission services act through June 30, 2026, and the new money transmission modernization act. Takes effect January 1, 2026, contingent on House Bill 5544 being enacted.

What it would do: Amends the Consumer Financial Services Act to revise internal references for money transmission services by replacing a reference to the money transmission services act definition with a direct reference to section 2 of that act, and makes minor grammatical corrections to net worth requirements and related provisions.

What it would do: Amends the Consumer Financial Services Act to revise internal references to the money transmission services act, changing references from section 13(5)(b) 67 of the money transmission services modernization act and updating related terminology throughout the surety bond requirements section.

What it would do: Amends the Consumer Financial Services Act to revise internal references and clarify language in provisions authorizing the commissioner to prohibit persons engaged in fraud or money laundering from employment by financial licensees, including references to money transmission services as defined in the money transmission services act.

What it would do: Prohibits any person from installing, operating, or allowing cryptocurrency kiosks on premises they own, lease, or control. Violators face civil infractions with fines of $2,000 to $5,000 for first violations and $5,000 to $10,000 for subsequent violations.

What it would do: Amends the Money Transmission Services Act to exempt persons licensed under the earned wage access services act from money transmitter requirements, to the extent of their operation as licensees under that act.

What it would do: Exempts earned wage access services that comply with the earned wage access services act from the regulation of wages and fringe benefits under Michigan's wage payment law. Takes effect only if House Bill 5558 is enacted.

What it would do: Exempts persons licensed under the earned wage access services act from the requirement to obtain a license under the deferred presentment service transactions act, to the extent they operate as licensees under that act.

What it would do: Amends the Credit Reform Act to exclude persons licensed to provide earned wage access services from the definition of 'regulated lender.' Takes effect only if House Bill No. 5558 is enacted.

What it would do: Amends the Regulatory Loan Act to exempt business transacted pursuant to a license under the earned wage access services act from the act's requirements. Takes effect only if House Bill No. 5558 is enacted.

What it would do: Amends the interest rate law to exempt earned wage access services licensed under the earned wage access services act from usury restrictions.

What it would do: Exempts earned wage access services licensed under the earned wage access services act from the criminal usury law. Takes effect only if House Bill No. 5558 is enacted.

What it would do: Adds to Michigan's consumer protection act a prohibition on requiring buyers to pay by credit or refusing to accept legal tender in retail sales of goods or services conducted in person.

What it would do: Prohibits merchants from disclosing merchant category codes that identify or distinguish particular goods or services in transactions, and prohibits payment card networks from processing such codes. Authorizes the attorney general to investigate violations and seek injunctions after providing 30 days to remedy.

What it would do: Adds violation of sections 5, 7, 9, or 11 of the cryptocurrency exchange kiosk regulation act to the list of unfair trade practices under the Michigan consumer protection act. Takes effect 90 days after enactment, contingent on House Bill 6222 being enacted.

What it would do: Prohibits any person from operating a virtual currency kiosk in Michigan or allowing one to operate on premises they own, lease, or control. Violations are felonies punishable by up to 5 years imprisonment, fines up to $50,000 or 3 times transaction amounts, or up to 10 years if involving vulnerable adults or losses exceeding $50,000.

What it would do: Prohibits any person from installing, operating, or allowing cryptocurrency kiosks on premises they own, lease, or control. Violators face civil fines up to $100 per day and potential suspension of lottery sales agent licenses for 90 days.

What it would do: Allows insurance agencies and producers to collect fees from insureds for credit card, debit card, electronic funds transfer, and other electronic payments, limited to actual costs incurred, with required advance notice and option to pay by check without fee.

What it would do: Creates the Money Transmission Modernization Act to regulate money transmission businesses, requiring licensing of persons engaged in money transmission, establishing safety and soundness requirements, and repealing the 2006 Money Transmission Services Act effective July 1, 2026.

What it would do: Prohibits money transmission licensees and authorized delegates from initiating foreign remittance transfers unless they verify the sender is not an unauthorized alien, with civil fines of 25% of transfer amounts for violations and quarterly reporting requirements to the department.

What it would do: Creates the Virtual Currency Kiosk Consumer Protection Act requiring operators to disclose material risks, terms, conditions, and fraud warnings to customers; use blockchain analytics; maintain antifraud and compliance policies; designate compliance and consumer protection officers; provide customer service; and submit quarterly reports to the Department of Insurance and Financial Services.