LANSING, Mich., June 11, 2024 — State Rep. Mai Xiong (D-Warren) introduced her first piece of legislation last week. This bill would amend the Consumer Financial Services Act of 1988 to clarify language and define the term “Bureau” as the Department of Insurance and Financial Services.

“I’m happy to put in the work for the people of Michigan. With this piece of legislation, we are cleaning up and updating our laws to reflect the financial realities of the 21st century,” Xiong said.

This bill is part of a larger package called the Money Transmission Modernization package. The Money Transmission Act, which is modeled after the Conference of State Bank Supervisors’ model Money Transmission Modernization Act, ensures that Michigan is part of a state-led, national effort to modernize and unify safe laws regarding money transmission services and address problems that burden both companies and regulators and embolden proponents of federal preemption.

“By introducing this bill package, we are putting forward legislation that will provide regulators with the tools needed to manage money transmitters of all sizes, including those that operate globally and small businesses operating locally,” Xiong continued. “We are enabling multistate licensing and supervisions, ensuring the benefits can be expanded and enhanced.”