HB 5544 — Financial institutions: money transmitters; money transmission modernization act; create. Creates new act.

other;For a transaction requested electronically or by phone, the provider of money transmission may determine if the person requesting the transaction WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 is in this state by relying on other information provided by the person regarding the location of the individual's residential address or a business entity's principal place of business or other physical address location, and any records associated with the person that the provider of money transmission may have that indicate such location, including, but not limited to, an address associated with an account.

discount(m) for"Individual" speciallymeans designateda distributorsnatural andperson. on-premises licensees;

increase.(n) "Key individual" means any individual ultimately responsible for establishing or directing policies and procedures of the licensee, such as an executive officer, manager, director, or trustee.

Amends(o) sec."Licensee" means a person licensed or required to be licensed under this act.

233(p) of"Material 1998litigation" PAmeans 58litigation, (MCLthat 436.1233).according to United States generally accepted accounting principles, is significant to a person's financial health and would be required to be disclosed in the person's annual audited financial statements, report to shareholders, or similar records.

2025-05-15,(q) 2025-05-22"Monetary Referredvalue" 05/08/2025reportedmeans witha recommendationmedium without amendment HB 4119 of 2025exchange, Ruleswhether Steveor Frisbienot Salesredeemable tax:in money.

exemptions;(r) "Money" means a medium of exchange that is authorized or adopted by the United States or a foreign government.

purchaseMoney includes a monetary unit of certainaccount aircraftestablished andby aviationan equipment;intergovernmental organization or by agreement between 2 or more governments.

exempt.(s) "Money transmission" means selling or issuing payment instruments to a person located in this state, selling or issuing stored value to a person located in this state, or receiving money WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 for transmission from a person located in this state.

AmendsMoney sec.transmission includes payroll processing services.

4xMoney oftransmission 1933does PAnot 167include (MCLany 205.54x).of the following:

Referred(i) 06/18/2026The HBprovision 4120only of 2025online Rulesor Joeytelecommunications Andrewsservices Useor tax:network access.

exemptions;(ii) The exchange, transfer, or custody of virtual currency if the exchange, transfer, or custody does not involve the transfer of legal tender.

purchase(t) "MSB accredited state" means a state agency that is accredited by the Conference of certainState aircraftBank Supervisors and aviationMoney equipment;Transmitter Regulators Association for money transmission licensing and supervision.

exempt.(u) "Multistate licensing process" means any agreement entered into by and among state regulators relating to coordinated processing of applications for money transmission licenses, applications for the acquisition of control of a licensee, control determinations, or notice and information requirements for a change of key individuals.

Amends(v) sec."Nationwide multistate licensing system and registry" means the nationwide multistate licensing system and registry developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in financial services industries.

4k(w) "Outstanding money transmission obligations" must be established and extinguished in accordance with applicable state law and means any payment instrument or stored value issued or sold by the licensee to a person located in the United States or WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 reported as sold by an authorized delegate of 1937the PAlicensee 94to (MCLa 205.94k).person that is located in the United States that has not yet been paid or refunded by or for the licensee, or escheated in accordance with applicable abandoned property laws, or any money received for transmission by the licensee or an authorized delegate in the United States from a person located in the United States that has not been received by the payee or refunded to the sender, or escheated in accordance with applicable abandoned property laws.

TIEFor BARpurposes WITH:of this subdivision, "in the United States" includes, to the extent applicable, a person in any state, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a United States military installation that is located in a foreign country.

HR(x) 0002'25"Passive Referredinvestor" 06/18/2026means HBa 4125person ofto 2025which Rulesall Mikeof McFallthe Higherfollowing education:apply:

education(i) programs;The person does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees, or other persons exercising managerial authority of a person in control of a licensee.

nuclear(ii) The person is not employed by and hydrogendoes educationnot granthave program;any managerial duties of the licensee or person in control of a licensee.

create.(iii) The person does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee.

Creates(iv) newThe act.person does either of the following:

TIE(A) BARAttests WITH:to subparagraphs (i), (ii), and (iii), in a form and in a medium prescribed by the director.

HB(B) 4127'25,Commits HBto 4129'25,the HBpassivity 4126'25,characteristics HBof 4128'25,subparagraphs HBWAM 4124'25H02309'25 2025-04-17(H-2)_HB5544_APH_1 Referredua73ce 03/25/2025reported1 with(i), recommendation(ii), withoutand amendment(iii), HBin 4129a ofwritten 2025document. Rules Joey Andrews Labor:

employment(y) incentives;"Payment instrument" means a written or electronic check, draft, money order, traveler's check, or other written or electronic instrument for the transmission or payment of money or monetary value, whether or not negotiable.

employmentPayment incentivesinstrument nucleardoes andnot hydrogeninclude graduatestored attractionvalue andor retentionany programinstrument act;to which either of the following applies:

create.(i) It is redeemable by the issuer only for goods or services provided by the issuer or its affiliate or franchisees of the issuer or its affiliate, except to the extent required by applicable law to be redeemable in cash for its cash value.

Creates(ii) newIt act.is not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.

TIE(z) BAR"Payroll WITH:processing services" means receiving money for transmission under a contract with a person to deliver wages or salaries, make payment of payroll taxes to state and federal agencies, make payments relating to employee benefit plans, or make distributions of other authorized deductions from wages or salaries.

HBPayroll 4127'25,processing HBservices 4125'25,does HBnot 4126'25,include HBan 4128'25,employer HBperforming 4124'25payroll 2025-04-17processing Referredservices 03/25/2025reportedon withits recommendationown withoutbehalf amendmentor HBon 4148behalf of 2025its Rulesaffiliate, Cameronor Cavitta Education:professional employer organization subject to regulation under other applicable state law.

board(aa) members;"Person" means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity identified by the director.

state(bb) board"Receiving ofmoney education;for transmission" or "money received for transmission" means receiving money or monetary value in the United States for transmission within or outside the United States by WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 electronic or other means.

require(cc) members"Stored tovalue" bemeans selectedmonetary fromvalue districts.representing a claim against the issuer evidenced by an electronic or digital record, and that is intended and accepted for use as a means of redemption for money or monetary value, or payment for goods or services.

AmendsStored sec.value includes, but is not limited to, prepaid access, as that term is defined by 31 CFR 1010.100.

282aNotwithstanding ofthe 1954foregoing, PAstored 116value (MCLdoes 168.282a)not &include addsa sec.payment instrument or closed loop stored value, or stored value not sold to the public but issued and distributed as part of a loyalty, rewards, or promotional program.

282b.(dd) "Tangible net worth" means the aggregate assets of a licensee excluding all intangible assets, less liabilities, as determined in accordance with United States generally accepted accounting principles.

ReferredARTICLE 05/13/20253 HBEXEMPTIONS 4151Sec. of 2025 Rules David Martin Education:

teachers7. and administrators;

endorsementThis requirements;act does not apply to any of the following:

modify.(a) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons exempted by this section or licensees, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers.

Amends(b) sec.A person appointed as an agent of a payee to collect and process a payment from a payor to the payee for goods or services, other than money transmission itself, provided to the payor by the payee, provided that all of the following apply:

1531(i) ofThere 1976exists PAa 451written (MCLagreement 380.1531).between the payee and the WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 agent directing the agent to collect and process payments from payors on the payee's behalf.

2025-03-06(ii) ReferredThe 03/05/2025reportedpayee withholds recommendationthe withoutagent amendmentout HBto 4152the ofpublic 2025as Rulesaccepting Kathypayments Schmaltzfor Education:goods or services on the payee's behalf.

other;(iii) Any payment for the goods and services is treated as received by the payee on receipt by the agent so that the payor's obligation is extinguished and there is no risk of loss to the payor if the agent fails to remit the funds to the payee.

certain(c) requirementsA forperson that acts as an intermediary by processing payments between an entity that has directly incurred an outstanding money transmission obligation to a sender, and the approvalsender's designated recipient, provided that all of teacherthe preparationfollowing institutions;apply to the entity:

create.(i) It is properly licensed or exempt from licensing requirements under this act.

Amends(ii) sec.It provides a receipt, electronic record, or other written confirmation to the sender identifying the entity as the provider of money transmission in the transaction.

1531e(iii) ofIt 1976bears PAsole 451responsibility (MCLto 380.1531e).satisfy the outstanding money transmission obligation to the sender, including the obligation to make the sender whole in connection with any failure to transmit the funds to the sender's designated recipient.

Referred(d) 05/13/2025The HBUnited 4153States ofor 2025a Rulesdepartment, Nancyagency, DeBoeror Education:instrumentality thereof, or its agent.

teachers(e) andMoney administrators;transmission by the United States Postal Service or by an agent of the United States Postal Service.

district-level(f) certifications;A state, county, city, or any other governmental agency or governmental subdivision or instrumentality of a state, or its agent.

provideWAM for.H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 (g) A federally insured depository financial institution, bank holding company, office of an international banking corporation, foreign bank that establishes a federal branch under 12 USC 3102, corporation organized under the bank service company act, 12 USC 1861 to 1867, or corporation organized under the edge act, 12 USC 611 to 631.

Amends(h) secs.Electronic funds transfer of governmental benefits for a federal, state, county, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or on behalf of a state or governmental subdivision, agency, or instrumentality thereof.

501,(i) 521,A 551,board 1231,of 1233,trade 1311b,designated 1526,as 1535aa &contract 1809market under the commodity exchange act, 7 USC 1 to 27f, or a person that, in the ordinary course of 1976business, PAprovides 451clearance (MCLand 380.501settlement etservices seq.)for &a addsboard sec.of trade to the extent of its operation as or for such a board.

1531l.(j) A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant.

2025-03-06(k) ReferredA 03/05/2025reportedperson withregistered recommendationas witha substitutesecurities (H-1)broker-dealer HBunder 4154federal or state securities laws to the extent of 2025its Rulesoperation Brianas BeGolesuch Education:a broker-dealer.

career(l) An individual employed by a licensee, authorized delegate, or any person exempted from the licensing requirements of the act when acting within the scope of employment and technical;under the supervision of the licensee, authorized delegate, or exempted person as an employee and not as an independent contractor.

trade(m) schools;A person expressly appointed as a third party service provider to or agent of an entity exempt under subdivision (g), solely to the extent that both of the following apply:

includeWAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 (i) The service provider or agent is engaging in money transmission on behalf of and under a written agreement with the postsecondaryexempt enrollmententity optionsthat act.sets forth the specific functions that the service provider or agent is to perform.

Amends(ii) sec.The exempt entity assumes all risk of loss and all legal responsibility for satisfying the outstanding money transmission obligations owed to purchasers and holders of the outstanding money transmission obligations on receipt of the purchaser's or holder's money or monetary value by the service provider or agent.

3(n) A person exempt by regulation or order if the director finds such exemption to be in the public interest and that the regulation of 1996such PAperson 160is (MCLnot 388.513).necessary for the purposes of this act.

ReferredSec. 03/12/2025reported with recommendation without amendment HB 4155 of 2025 Rules Alicia St.

Germaine9. Education:

curriculum;The director may require that any person claiming to be exempt from licensing under section 7 provide information and documentation to the director demonstrating that it qualifies for any claimed exemption.

recommendationsARTICLE for4 curriculumIMPLEMENTATION, companiesCONFIDENTIALITY, andSUPERVISION, assessmentAND companies;RELATIONSHIP TO FEDERAL LAW Sec.

require11. the department to provide.

Amends(1) 1976In PAorder 451to (MCLcarry 380.1out -the 380.1852)purposes byof addingthis sec.act, the director may, subject to the provisions of section 13(1) and (2) do any of the following:

1278e.(a) Enter into agreements or relationships with other government officials or federal and state regulatory agencies or regulatory associations in order to improve efficiencies and reduce regulatory burden by standardizing methods or procedures, and sharing resources, records, or related information obtained under this act.

ReferredWAM 05/13/2025H02309'25 HB(H-2)_HB5544_APH_1 4160ua73ce of1 2025(b) RulesUse, Ginahire, Johnsencontract, Administrativeor procedure:employ analytical systems, methods, or software to examine or investigate any person subject to this act.

rules;(c) Accept, from other state or federal government agencies or officials, licensing, examination, or investigation reports made by such other state or federal government agencies or officials.

adoption(d) ofAccept rulesaudit reports made by statean agenciesindependent morecertified stringentpublic thanaccountant federalor regulations;other qualified third-party auditor for an applicant or licensee and incorporate the audit report in any report of examination or investigation.

prohibit.(2) The director shall have the administrative authority to administer, interpret, and enforce this act, and promulgate rules or regulations implementing this act.

AmendsSec. secs.

3213. & 45 of 1969 PA 306 (MCL 24.232 & 24.245).

2025-09-04,(1) 2025-09-18Except Referredas 02/26/2025reportedotherwise withprovided recommendationin withoutsubsection amendment(2), HBall 4221information or reports obtained by the director from an applicant, licensee, or authorized delegate, and all information contained in or related to an examination, investigation, operating report, or condition report prepared by, on behalf of, or for the use of 2025the Rulesdirector, Laurieor Pohutskyfinancial Healthstatements, occupations:balance sheets, or authorized delegate information, are confidential and are not subject to disclosure under the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246.

veterinarians;(2) The director may disclose information not otherwise subject to disclosure under subsection (1) to representatives of state or federal agencies who promise in a record that they will maintain the confidentiality of the information or where the director finds that the release is reasonably necessary for the protection and interest of the public in accordance with the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246.

veterinarian-client-patientWAM relationship;H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 (3) This section does not prohibit the director from disclosing to the public a list of all licensees or the aggregated financial or transactional data concerning those licensees.

require.(4) The following information contained in the records of the department is not confidential and may be made available to the public:

Amends(a) secs.The name, business address, telephone number, and unique identifier of a licensee.

16287(b) &The 18811business address of 1978a PAlicensee's 368registered (MCLagent 333.16287for &service. 333.18811).

TIE(c) BARThe WITH:name, business address, and telephone number of all authorized delegates.

HB(d) 4221'25The 2025-10-23,terms 2025-10-30of Referredany 10/16/2025reportedbond withfiled recommendationby withouta amendmentlicensee, HBprovided 4227that ofconfidential 2025information, Rulesincluding, Parkerbut Fairbairnnot Education:limited to, prices and fees for such bond is redacted.

safety;(e) Copies of any non-confidential final orders of the department relating to any violation of this act or regulations implementing this act.

1(f) emergencyImposition andof safetyan manageradministrative andfine ator leastpenalty 1under mentalthis healthact. coordinator;

requireSec. each intermediate school district to employ.

Amends15. 1976 PA 451 (MCL 380.1 - 380.1852) by adding sec.

1308g.(1) The director may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this act or by a rule adopted or order issued under this act as reasonably necessary or appropriate to administer and enforce this act, regulations implementing this act, and other applicable law, including the bank secrecy act and the uniting and strengthening America by providing appropriate tools required to intercept and obstruct terrorism (USA PATRIOT ACT) act of 2001, Public Law 107-56.

ReferredThe 05/14/2025director HBmay 4235do ofWAM 2025H02309'25 Rules(H-2)_HB5544_APH_1 Rachelleua73ce Smit1 Publicany employeesof andthe officers:following:

state;(a) Conduct an examination or investigation either on-site or off-site as the director may reasonably require.

use(b) Conduct an examination or investigation in conjunction with an examination or investigation conducted by representatives of certainother applicationsstate onagencies or agencies of another state devices;or of the federal government.

prohibit.(c) Accept the examination or investigation report of another state agency or an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the director.

Creates(d) newSummon act.and examine under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.

2025-04-17(2) ReferredA 03/26/2025reportedlicensee withor recommendationauthorized withdelegate substituteshall (H-1)provide, HBand 4240the ofdirector 2025shall Ruleshave Billfull Schuetteand Statecomplete agenciesaccess (existing):to, all records the director may reasonably require to conduct a complete examination or investigation.

other;The records must be provided at the location and in the format specified by the director, provided, the director may utilize multistate record production standards and examination procedures when such standards will reasonably achieve the requirements of this subsection.

foreign(3) influenceUnless otherwise directed by the director, a licensee shall pay all costs reasonably incurred in connection with an examination or investigation of publicthe bodies;licensee or the licensee's authorized delegates.

prohibit.Sec.

Creates17. new act.

2025-04-17(1) ReferredTo 03/26/2025reportedefficiently withand recommendationeffectively withoutadminister amendmentand HBWAM 4241H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 enforce this act and to minimize regulatory burden, the director may participate in multistate supervisory processes established between states and coordinated through the Conference of 2025State RulesBank MikeSupervisors, HoadleyMoney EconomicTransmitter development:Regulatory Association, and affiliates and successors thereof, for all licensees that hold licenses in this state and other states.

other;As a participant in multistate supervision, the director shall do all of the following:

economic(a) incentivesCooperate, tocoordinate, certainand foreignshare countries;information with other states and federal regulators in accordance with section 13.

prohibit.(b) Enter into written cooperation, coordination, or information-sharing contracts or agreements with organizations the membership of which is made up of state or federal governmental agencies.

Amends(c) 1984Cooperate, PAcoordinate, 270and (MCLshare 125.2001information -with 125.2094)organizations bythe addingmembership sec.of which is made up of state or federal governmental agencies, provided that the organizations agree in writing to maintain the confidentiality and security of the shared information in accordance with section 13.

7c.(2) The director may not waive, and nothing in this section constitutes a waiver of, the director's authority to conduct an examination or investigation or otherwise take independent action authorized by this act or a rule adopted or order issued under this act to enforce compliance with applicable state or federal law.

2025-04-17(3) ReferredA 03/26/2025reportedjoint withexamination recommendationor withoutinvestigation, amendmentor HBacceptance 4244 of 2025an Rulesexamination Mattor Maddockinvestigation Administrativereport, procedure:does not waive an examination assessment provided for in this act.

other;Sec.

references19. to the Gulf of Mexico;

requireIn tothe beevent state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this act and the Gulffederal law governing money WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 transmission are governed by the applicable federal law to the extent of America.the inconsistency.

CreatesARTICLE new5 act.MONEY TRANSMISSION LICENSES Sec.

Referred21. 05/13/2025 HB 4246 of 2025 Rules Phil Green Health occupations:

nurses;(1) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person is licensed under this act.

nurse(2) licensureSubsection compact;(1) does not apply to either of the following:

enact.(a) A person that is an authorized delegate of a person licensed under this act acting within the scope of authority conferred by a written contract with the licensee.

Amends(b) secs.A person that is exempt under section 7 and does not engage in money transmission outside the scope of such exemption.

16170a,(3) 16222,A 16231,license 16238issued &under 17201section of29 1978is PAnot 368transferable (MCLor 333.16170aassignable. et seq.) & adds secs.

16187,Sec. 17225 & 17225a.

2025-05-22,23. 2025-06-05 Referred 05/14/2025reported with recommendation without amendment HB 4254 of 2025 Rules Joseph Aragona Animals:

care(1) To establish consistent licensing between Michigan and treatment;other states, the director is authorized to do either or both of the following:

conducting(a) ofImplement researchall orlicensing trainingprovisions activitiesof onthis dogsact in a manner that causesis painconsistent with other states that have adopted this act or distress;multistate licensing processes.

prohibit.(b) Participate in nationwide protocols for licensing cooperation and coordination among state regulators provided that such protocols are consistent with this act.

Amends(2) secs.In order to fulfill the purposes of this act, the director is authorized to establish relationships or contracts with the nationwide multistate licensing system and registry or other entities designated by the nationwide multistate licensing system and registry to enable the director to do any of the following:

2674,WAM 2675H02309'25 &(H-2)_HB5544_APH_1 2678ua73ce of1 1978(a) PACollect 368and (MCLmaintain 333.2674records. et seq.);

adds(b) secs.Coordinate multistate licensing processes and supervision processes.

2670(c) &Process 2675afees. & repeals secs.

2672(d) &Facilitate 2673communication ofbetween 1978Michigan PAand 368licensees (MCLor 333.2672other &persons 333.2673).subject to this act.

Referred(3) 10/30/2025The HBdirector 4279is authorized to utilize the nationwide multistate licensing system and registry for all aspects of 2025licensing Rulesin Jaimeaccordance Greenewith Militarythis affairs:act, including but not limited to, license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.

other;(4) The director is authorized to utilize the nationwide multistate licensing system and registry's forms, processes, and functionalities in accordance with this act.

MichiganIn Nationalthe Guardevent apprenticeshipthe program;nationwide multistate licensing system and registry does not provide functionality, forms, or processes for a provision of this act, the director is authorized to strive to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees which are licensed in multiple jurisdictions.

create.(5) For the purpose of participating in the nationwide multistate licensing system and registry, the director is authorized to waive or modify, in whole or in part, by rule, regulation or order, any or all of the requirements and to establish new requirements as reasonably necessary to participate in the nationwide multistate licensing system and registry.

CreatesSec. new act.

2025-08-21,25. 2025-09-04 Referred 05/20/2025reported with recommendation with substitute (H-3) HB 4306 of 2025 Rules Curtis VanderWall Traffic control:

driver(1) license;Applicants for a license shall apply in a form and in a medium as prescribed by the director.

exceptionsEach such form must WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 contain content as set forth by rule, regulation, order, or instruction of the director and may be changed or updated by the director in accordance with applicable law in order to drivercarry licenseout suspensionthe forpurposes certainof individualsthis whoact sufferedand anmaintain epilepticconsistency seizure;with the nationwide multistate licensing system and registry licensing standards and practices.

provideThe for.application must state or contain, as applicable, all of the following:

Amends(a) sec.The legal name and residential and business addresses of the applicant and any fictitious or trade name used by the applicant in conducting its business.

309(b) A list of 1949any PAcriminal 300convictions (MCLof 257.309)the &applicant addsand sec.any material litigation in which the applicant has been involved in the 10-year period immediately preceding the submission of the application.

309a.(c) A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide in this state.

TIE(d) BARA WITH:list of the applicant's proposed authorized delegates and the locations in this state where the applicant and its authorized delegates propose to engage in money transmission.

HB(e) 4307'25A 2025-09-04,list 2025-10-23of Referredother 06/25/2025reportedstates within recommendationwhich withthe substituteapplicant (H-1)is HBlicensed 4309to ofengage 2025in (PAmoney 45transmission ofand 2026)any Ruleslicense Davidrevocations, Prestinsuspensions, Healthor occupations:other disciplinary action taken against the applicant in another state.

physician's(f) assistants;Information concerning any bankruptcy or receivership proceedings affecting the licensee or a person in control of a licensee.

physician's(g) assistantsThe licensurename compact;and address of any federally insured depository financial institution through which the applicant plans to conduct WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 money transmission.

provide(h) for.Any other information the director or the nationwide multistate licensing system and registry reasonably requires with respect to the applicant.

Amends(2) secs.If an applicant is a corporation, limited liability company, partnership, or other legal entity, the applicant shall also provide all of the following:

16337(a) &The 18001date of 1978the PAapplicant's 368incorporation (MCLor 333.16337formation &and 333.18001)state &or addscountry secs.of incorporation or formation.

16187d,(b) 17011b,If 17061a,applicable, 17511ba &certificate 18011b.of good standing from the state or country in which the applicant is incorporated or formed.

2025-05-01,(c) 2025-05-08A Referredbrief 04/23/2025reporteddescription withof recommendationthe withstructure substituteor (H-1)organization HBof 4345the ofapplicant, 2025including (PAany 5parents or subsidiaries of 2025)the Rulesapplicant, Cameronand Cavittwhether Schoolany aid:parents or subsidiaries are publicly traded.

penalties;(d) The legal name, any fictitious or trade name, all business and residential addresses, and the employment, as applicable, in the 10-year period immediately preceding the submission of the application of each key individual and person in control of the applicant.

exception(e) toA minimumlist days of pupilany instructioncriminal requirementconvictions forand districtmaterial closurelitigation duringin which a declaredperson statein control of emergency;the applicant that is not an individual has been involved in the 10-year period immediately preceding the submission of the application.

provide(f) for.A copy of audited financial statements of the applicant for the most recent fiscal year and for the 2-year period immediately preceding the submission of the application or, if determined to be acceptable to the director, certified unaudited financial statements for the most recent fiscal year or other WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 period acceptable to the director.

Amends(g) sec.A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter.

101(h) If the applicant is a publicly traded corporation, a copy of 1979the PAmost 94recent (MCLreport 388.1701).filed with the United States Securities and Exchange Commission under section 13 of the securities exchange act of 1934, 15 USC 78m.

2025-05-01(i) ReferredIf 04/30/2025reportedthe withapplicant recommendationis witha substitutewholly (H-1)owned HBsubsidiary 4346of a corporation publicly traded in the United States, a copy of 2025audited Rulesfinancial Angelastatements Witwerfor Gaming:the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under section 13 of the securities exchange act of 1934, 15 USC 78m.

other;If the applicant is a wholly owned subsidiary of a corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation's domicile outside the United States.

allocation(j) ofThe revenuename underand theaddress lawfulof internet gaming act to the Michiganapplicant's agricultureregistered equineagent industryin developmentthis fund;state.

remove(k) cap.Any other information the director reasonably requires with respect to the applicant.

Amends(3) sec.A nonrefundable application fee as required by section 31(1) must accompany an application for a license under this section.

15(4) The director may waive 1 or more requirements of 2019subsections PA(1) 152and (MCL(2) 432.315).or permit an applicant to submit other information in lieu of the required information.

TIESec. BAR WITH:

HB27. 4347'25 2025-10-30, 2025-12-11 Referred 10/21/2025reported with recommendation with substitute (H-1) HB 4347 of 2025 Rules Tom Kunse Gaming:

horse(1) racing;Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the director WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 through the nationwide multistate licensing system and registry all of the following items:

Michigan(a) agricultureThe individual's fingerprints for submission to the Federal Bureau of Investigation and equinethe industrydirector developmentfor fund;purposes of a state and national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the last 10 years.

modify.As part of or in connection with an application for a license under this act the director is authorized to receive any and all criminal history record information.

Amends(b) secs.Personal history and experience in a form and in a medium prescribed by the director, to obtain all of the following:

2(i) &An 20independent ofcredit 1995report PAfrom 279a (MCLconsumer 431.302reporting &agency 431.320).unless the individual does not have a Social Security number, in which case, this requirement must be waived.

TIE(ii) BARInformation WITH:related to any criminal convictions or pending charges.

HB(iii) 4346'25Information 2025-10-30,related 2025-12-11to Referredany 10/21/2025reportedregulatory withor recommendationadministrative withaction substituteand (H-4)any HBcivil 4352litigation involving claims of 2025fraud, Rulesmisrepresentation, Tyroneconversion, Cartermismanagement Waterof supply:funds, breach of fiduciary duty, or breach of contract.

systems;(2) If the individual has resided outside of the United States at any time in the last 10 years, the individual shall also provide an investigative background report prepared by an independent search firm that meets both of the following requirements:

authority(a) asAt municipala authority;minimum, both of the following apply to the search firm:

modify.(i) It shall demonstrate that it has sufficient knowledge, resources, and employs accepted and reasonable methodologies to WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 conduct the research of the background report.

Amends(ii) titleIt &shall secs.not be affiliated with or have an interest with the individual it is researching.

1,(b) 4,At 4a,a 4b,minimum, 4cthe &investigative 4dbackground ofreport 1955must PAbe 233written (MCLin 124.281the etEnglish seq.).language and contain all of the following:

2025-06-26,(i) 2025-08-21If Referredavailable 06/05/2025reportedin withthe recommendationindividual's withcurrent substitutejurisdiction (H-1)of HBresidency, 4354a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of 2025the Rulescourt Mikedata Muellerin Waterthe supply:countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked.

systems;(ii) Criminal records information for the past 10 years, including, but not limited to, felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and contiguous areas where the individual resided and worked.

authority(iii) asEmployment municipalhistory. authority;

modify.(iv) Media history, including an electronic search of national and local publications, wire services, and business applications.

Amends(v) sec.Financial services-related regulatory history, including but not limited to, money transmission, securities, banking, insurance, and mortgage- related industries.

2Sec. of 1965 PA 203 (MCL 28.602).

TIE29. BAR WITH:

HB(1) 4352'25When 2025-06-26,an 2025-08-21application Referredfor 06/05/2025reportedan withoriginal recommendationlicense withoutunder amendmentthis HBact 4361appears to include all the items and addresses all of 2025the Rulesmatters Philthat Greenare Publicrequired, utilities:the application is complete and the director shall promptly notify the applicant in a record of the date on which the application is determined to be complete.

other;The director shall approve or deny the application within 120 days after the completion date.

guidelinesIf forthe trimmingapplication treesis not approved or WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 denied within 120 days after the completion date, the application is approved and branchesthe aroundlicense powertakes lines;effect as of the first business day after expiration of the 120-day period.

modify.The director may for good cause extend the application period.

Amends(2) sec.A determination by the director that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the criminal background check response from the Federal Bureau of Investigation, and address all of the matters that are required, and is not an assessment of the substance of the application or of the sufficiency of the information provided.

10p(3) ofWhen 1939an PAapplication 3is (MCLfiled 460.10p).and considered complete under this section, the director shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness.

2026-01-15,The 2026-01-22director Referredmay 12/09/2025conduct HBan 4385on-site investigation of 2025the Rulesapplicant, Joeythe Andrewsreasonable Naturalcost resources:of which the applicant must pay.

shorelands;The director shall issue a license to an applicant under this section if the director finds that both of the following conditions have been fulfilled:

temporary(a) erosionThe controlapplicant structures;has complied with sections 25 and 27.

authorize(b) withoutThe financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit duringthe highapplicant waterto levels.engage in money transmission.

Amends(4) secs.If an applicant avails itself or is otherwise subject to a multistate licensing process, both of the following apply:

32312,(a) 32312aThe &director 32510may accept the investigation results of 1994a PAWAM 451H02309'25 (MCL(H-2)_HB5544_APH_1 324.32312ua73ce et1 seq.)lead &investigative addsstate sec.for the purpose of subsection (3) if the lead investigative state has sufficient staffing, expertise, and minimum standards.

32510a.(b) If Michigan is a lead investigative state, the director may investigate the applicant under subsection (3) and the time frames established by agreement through the multistate licensing process, provided however, that in no case must such time frame be noncompliant with the application period in subsection (1).

Referred(5) 06/25/2025The HBdirector 4391shall issue a formal written notice of 2025the Rulesdenial Julieof Rogersa Crimes:license application within 30 days of the decision to deny the application.

intoxicationThe ordirector impairment;shall set forth in the notice of denial the specific reasons for the denial of the application.

methodsAn ofapplicant testingwhose intoxicationapplication oris impairmentdenied inby the Michigandirector vehicleunder code;this subsection may appeal within 30 days after receipt of the written notice of the denial and request a hearing on the denial.

expand(6) toThe includeinitial otherlicense bodilyterm fluid.begins on the day the application is approved.

AmendsThe secs.license expires on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term runs through December 31 of the following year.

625a,Sec. 625c & 625g of 1949 PA 300 (MCL 257.625a et seq.).

TIE31. BAR WITH:

HB(1) 4390'25By 2025-06-05,December 2025-06-2631 Referredof 05/22/2025reportedeach withyear, recommendationthe withdirector substituteshall (H-2)establish HBa 4399schedule of 2025fees Rulesto Davidbe Prestinpaid Healthby occupations:applicants and licensees during the next calendar year.

advancedIn practiceestablishing registeredlicense nurses;fees, the director shall consider each licensee's business volume and number of locations and any other business factors the director considers reasonable in order to generate funds sufficient to pay, but not to exceed, the office's reasonably anticipated costs of administering this act.

scope(2) ofA practicelicense ofunder registeredthis professionalact nursesmust whobe holdrenewed specialtyannually. certifications as nurse practitioners;

modify.An WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 annual renewal fee as set forth in subsection (1) must be paid no more than 60 days before the license expiration.

Amends(3) secs.Except as provided in section 29(6), the renewal term is for a period of 1 year and begins on January 1 of each year after the initial license term and expires on December 31 of the year the renewal term begins.

17201,(4) 17210,A 17211alicensee &shall 17212submit ofa 1978renewal PAreport 368with (MCLthe 333.17201renewal etfee, seq.)in &a addsform sec.and in a medium prescribed by the director.

17210a.The renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application which has not been reported to the director.

Referred(5) 11/05/2025The HBdirector 4402on oftimely 2025request Rulesmay Curtisgrant VanderWallan Health:extension of the renewal date.

diseases;If the director grants an extension, a licensee who fails to submit to the director a renewal report or renewal fee required under this section by December 31 is subject to a late fee of $50.00 for each day the report is delinquent or $5,000.00, whichever is less.

dissemination(6) ofThe informationdirector aboutis cytomegalovirusauthorized (CMV) to certainutilize individualsthe nationwide multistate licensing system and inregistry certainto situations;process license renewals provided that such functionality is consistent with this section.

provideSec. for.

Amends33. secs.

5431(1) &If 5432a oflicensee 1978does PAnot 368continue (MCLto 333.5431meet &the 333.5432)qualifications &or addssatisfy sec.the requirements that apply to an applicant for a new money transmission license, the director may suspend or revoke the licensee's license in accordance with the procedures established by this act or other applicable state law for such suspension or revocation.

5143.(2) An applicant for a money transmission license shall demonstrate that it meets or will meet, and a money transmission WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 licensee shall at all times meet, the requirements in sections 65, 67, and 69.

2025-10-16,ARTICLE 2025-10-236 ReferredACQUISITION 09/17/2025reportedOF withCONTROL recommendationAND withoutCHANGE amendmentOF HBKEY 4422INDIVIDUAL ofSec. 2025 Rules Pauline Wendzel Liquor:

authorized35. distribution agents;

authorized(1) distributionAny agentperson, fees;or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the director before acquiring control.

increase.An individual is not deemed to acquire control of a licensee and is not subject to these acquisition of control provisions when that individual becomes a key individual in the ordinary course of business.

Amends(2) sec.A person, or group of persons acting in concert, seeking to acquire control of a licensee shall, in cooperation with the licensee, do both of the following:

205(a) ofSubmit 1998an PAapplication 58in (MCLa 436.1205).form and in a medium prescribed by the director.

2025-09-25(b) ReferredSubmit 09/18/2025a HBnonrefundable 4484fee ofwith 2025the Rulesrequest Josephfor Foxapproval Humanin services:an amount established by the director under section 31.

medical(3) services;On request, the director may permit a licensee or the person, or group of persons acting in concert, to submit some or all information required by the director under subsection (2)(a) without using the nationwide multistate licensing system and registry.

coverage(4) policiesThe application required by subsection (2)(a) must include information required by section 27 for speech-languageany pathologists;new key individuals that have not previously completed the requirements of section 27 for a licensee.

modify.(5) When an application for acquisition of control under this section appears to include all the items and address all of the WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 matters that are required, the application must be considered complete and the director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and the director shall approve or deny the application within 60 days after the completion date.

AmendsIf 1939the PAapplication 280is (MCLnot 400.1approved -or 400.119b)denied bywithin adding60 sec.days after the completion date, the license continues until a decision is made.

109z.The director may for good cause extend the application period.

2025-09-18,(6) 2025-09-25A Referreddetermination 09/03/2025reportedby withthe recommendationdirector withoutthat amendmentan HBapplication 4501is complete and is accepted for processing means only that the application, on its face, appears to include all of 2025the Rulesitems Mikeand Muelleraddress Marihuana:all of the matters that are required, and is not an assessment of the substance of the application or of the sufficiency of the information provided.

other;(7) When an application is filed and considered complete under subsection (5), the director shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the person, or group of persons acting in concert, seeking to acquire control.

cannabisThe regulatorydirector agency;shall approve an acquisition of control under this section if the director finds that both of the following conditions have been fulfilled:

allow(a) toThe operaterequirements aof marihuanasubsections reference(2) laboratory and to(4) collect,have transport,been possess,met, test,as andapplicable. perform research with marihuana.

Amends(b) sec.The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the person, or group of persons acting in concert, seeking to acquire control, and the competence, experience, character, and general fitness of the key individuals and persons that would be in WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 control of the licensee after the acquisition of control indicate that it is in the interest of the public to permit the person, or group of persons acting in concert, to control the licensee.

7(8) If an applicant avails itself or is otherwise subject to a multistate licensing process, the director may accept the investigation results of 2018a ILlead 1investigative (MCLstate 333.27957).for the purpose of subsection (7) if the lead investigative state has sufficient staffing, expertise, and minimum standards, or if Michigan is a lead investigative state, the director may investigate the applicant in accordance with subsection (7) and the time frames established by agreement through the multistate licensing process.

2026-01-15,The 2026-01-22director Referredshall 11/13/2025reportedissue witha recommendationformal withoutwritten amendmentnotice HBof 4509the denial of 2025an Rulesapplication Luketo Meermanacquire Healthcontrol occupations:within 30 days of the decision to deny the application.

audiologists;The director shall set forth in the notice of denial the specific reasons for the denial of the application.

audiologistAn andapplicant speechwhose languageapplication pathologistis licensuredenied compact;by the director under this subsection may appeal within 30 days after receipt of the written notice of the denial and request a hearing.

provide(9) for.The requirements of subsections (1) and (2) do not apply to any of the following:

Amends(a) secs.A person that acts as a proxy for the sole purpose of voting at a designated meeting of the shareholders or holders of voting shares or voting interests of a licensee or a person in control of a licensee.

16801(b) &A 17601person ofthat 1978acquires PAcontrol 368of (MCLa 333.16801licensee &by 333.17601)devise &or addsdescent. secs.

16187,(c) 16804A &person 17603a.that acquires control of a licensee as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 operation of law.

2025-09-18,(d) 2025-10-16A Referredperson 09/03/2025that HBis 4552exempt ofunder 2025section Rules7(g). Brad Paquette Health:

immunizations;(e) A person that the director determines is not subject to subsection (1) based on the public interest.

promulgation(f) ofA certainpublic rulesoffering andof regulationssecurities thatof area morelicensee stringentor thana theperson vaccination exemptions provided in statutecontrol andof that exclude individuals from school as a diseaselicensee. control measure;

prohibit.(g) An internal reorganization of a person in control of the licensee where the ultimate person in control of the licensee remains the same.

Amends(10) secs.Persons in subsection (9)(b), (c), (d), (f), and (g), in cooperation with the licensee, shall notify the director within 15 days after the acquisition of control.

9215(11) &The 9227requirements of 1978subsections PA(1) 368and (MCL(2) 333.9215do &not 333.9227)apply &to addsa sec.person that has complied with and received approval to engage in money transmission under this act or was identified as a person in control in a previous application filed with and approved by the director or by an MSB accredited state in accordance with a multistate licensing process, provided that all of the following are true:

5115a.(a) The person has not had a license revoked or suspended or controlled a licensee that has had a license revoked or suspended while the person was in control of the licensee in the previous 5- years.

TIE(b) BARIf WITH:the person is a licensee, the person is well managed and has received at least a satisfactory rating for compliance at its most recent examination by an MSB accredited state if such rating was given.

HB(c) 4553'25The Referredlicensee 06/05/2025to HBbe 4553acquired is projected to meet the requirements of 2025sections Rules65, James67, DeSanaand Education:69 after the acquisition of WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 control is completed, and if the person acquiring control is a licensee, that licensee is also projected to meet the requirements of sections 65, 67, and 69 after the acquisition of control is completed.

attendance;(d) The licensee to be acquired will not implement any material changes to its business plan as a result of the acquisition of control, and if the person acquiring control is a licensee, that licensee also will not implement any material changes to its business plan as a result of the acquisition of control.

promulgation(e) ofThe certainperson rulesprovides thatnotice areof morethe stringentacquisition thanin cooperation with the requirementslicensee forand claimingattests exemptionto fromsubdivisions immunizations;(a), (b), (c), and (d) in a form and in a medium prescribed by the director.

prohibit.(12) If the notice described in subsection (11)(e) is not disapproved within 30 days after the date on which the notice was determined to be complete, the notice is deemed approved.

Amends(13) sec.Before filing an application for approval to acquire control of a licensee a person may request in writing a determination from the director as to whether the person would be considered a person in control of a licensee on consummation of a proposed transaction.

1177If the director determines that the person would not be a person in control of 1976a PAlicensee, 451the (MCLproposed 380.1177).person and transaction is not subject to the requirements of subsections (1) and (2).

TIE(14) BARIf WITH:a multistate licensing process includes a determination under subsection (13) and an applicant avails itself or is otherwise subject to the multistate licensing process, either of the following apply:

HB(a) 4552'25The Referreddirector 06/05/2025is HBauthorized 4558to accept the control WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 determination of 2025a Ruleslead Curtisinvestigative VanderWallstate Health:with sufficient staffing, expertise, and minimum standards for the purpose of subsection (13).

occupations;(b) If Michigan is a lead investigative state, the director is authorized to investigate the applicant under subsection (13) and the time frames established by agreement through the multistate licensing process.

examinationSec. and evaluation for purchase of contact lenses;

allow37. to be in person or by telemedicine.

Amends(1) secs.A licensee adding or replacing any key individual shall do both of the following:

5553,(a) 5555,Provide 5557notice &in 5561a ofmanner 1978prescribed PAby 368the (MCLdirector 333.5553within et15 seq.)days &after addsthe secs.effective date of the key individual's appointment.

5560(b) &Provide 5562.information as required by section 27 within 45 days of the effective date.

Referred(2) 06/25/2025Within HB90 4591days of 2025the Rulesdate Karlon Bohnakwhich Healththe occupations:notice provided under subsection (1) was determined to be complete, the director may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee.

counselors;(3) A notice of disapproval must contain a statement of the basis for disapproval and must be sent to the licensee and the disapproved individual.

professionalA counselorslicensee licensuremay compact;appeal a notice of disapproval within 30 days after receipt of such notice of disapproval.

provide(4) for.If the notice provided under subsection (1) is not disapproved within 90 days after the date on which the notice was determined to be complete, the key individual is deemed approved.

AmendsWAM sec.H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 (5) If a multistate licensing process includes a key individual notice review and disapproval process in accordance with this section and the licensee avails itself or is otherwise subject to the multistate licensing process, both of the following apply:

18101(a) The director is authorized to accept the determination of 1978another PAstate 368if (MCLthe 333.18101)investigating &state addshas secs.sufficient staffing, expertise, and minimum standards for the purpose of this section.

16190a(b) &If 18105a.Michigan is a lead investigative state, the director is authorized to investigate the applicant under subsection (2) and the time frames established by agreement through the multistate licensing process.

2025-09-18,ARTICLE 2025-09-257 ReferredREPORTING 09/03/2025reportedAND withRECORDS recommendationSec. without amendment HB 4593 of 2025 Rules Matt Bierlein Health occupations:

dentists;39.

representing(1) oneselfEach aslicensee shall submit a "dentalreport specialist"of condition within 45 days of the end of the calendar quarter, or aswithin specializingany inextended othertime dentalas areas;the director may prescribe.

prohibit(2) underThe certainreport circumstances.of condition must include all of the following:

Amends(a) sec.Financial information at the licensee level.

16608(b) ofNationwide 1978and PAstate-specific 368money (MCLtransmission 333.16608).transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission.

TIE(c) BARPermissible WITH:investments report.

HB(d) 4594'25Transaction 2026-01-15,destination 2026-01-22country Referredreporting 11/05/2025reportedfor withmoney recommendationreceived withfor substitutetransmission, (H-4)if HBapplicable. 4642 of 2025 Rules Angela Rigas Campaign finance:

violations;(e) Any other information the director reasonably requires with respect to the licensee.

authorityThe director is authorized to utilize the nationwide multistate licensing system and registry for the submission of the attorneyreport general'srequired officeby subsection (1) and is authorized to resolveupdate violationsas involvingnecessary the secretaryrequirements of state;this section WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 to carry out the purposes of this act and maintain consistency with the nationwide multistate licensing system and registry reporting.

provide(3) for.The information required by subdivision (2)(d) must only be included in a report of condition submitted within 45 days of the end of the fourth calendar quarter.

AmendsSec. sec.

1541. of 1976 PA 388 (MCL 169.215).

2025-09-18,(1) 2025-09-25Each Referredlicensee 08/19/2025reportedshall, withwithin recommendation90 withoutdays amendmentafter HBthe 4679end of 2025each Rulesfiscal Tullioyear, Liberatior Agriculture:within any extended time as the director may prescribe, file both of the following with the director:

weights(a) andAn measures;audited financial statement of the licensee for the fiscal year prepared in accordance with United States generally accepted accounting principles.

certain(b) definitions;Any other information as the director may reasonably require.

provide(2) for.The audited financial statements must be prepared by an independent certified public accountant or independent public accountant who is satisfactory to the director.

Amends(3) secs.The audited financial statements must include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the director.

10If &the 28ccertificate ofor 1964opinion PAis 283qualified, (MCLthe 290.610director &may 290.628c).order the licensee to take any action as the director may find necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.

TIESec. BAR WITH:

HB43. 4678'25 2026-01-15 Referred 11/13/2025reported with recommendation without amendment HB 4692 of 2025 Rules Angela Rigas Occupations:

cosmetologists;(1) Each licensee shall submit a report of authorized delegates within 45 days of the end of the calendar quarter.

branchThe facilitiesdirector may utilize the nationwide multistate licensing system and registry for athe schoolsubmission of cosmetology;the report required by this subsection provided that such functionality is consistent with the WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 requirements of this section.

provide(2) for.The authorized delegate report must include, at a minimum, all of the following related to each authorized delegate:

Amends(a) 1980Company PAlegal 299name. (MCL 339.101 - 339.2677) by adding sec.

1205b.(b) Taxpayer employer identification number.

TIE(c) BARPrincipal WITH:provider identifier.

HB(d) 4693'25Physical 2025-12-11,address. 2025-12-16 Referred 10/30/2025reported with recommendation with substitute (H-1) HB 4693 of 2025 Rules Tullio Liberati Occupations:

cosmetologists;(e) Mailing address.

cosmetology(f) licensingAny fees;business conducted in other states.

modify.(g) Any assumed name or trade name.

Amends(h) secs.Contact person name, phone number, and email.

9(i) &Start 25date ofas 1979licensee's PAauthorized 152delegate. (MCL 338.2209 & 338.2225).

TIE(j) BAREnd WITH:date acting as licensee's authorized delegate, if applicable.

HB(k) 4692'25Any Referredother 10/30/2025information HBthe 4696director ofreasonably 2025requires Ruleswith Lukerespect Meermanto Children:the authorized delegate.

guardians;Sec.

definition45. of relative under the guardianship assistance act;

modify.(1) A licensee shall file a report with the director within 1 business day after the licensee has reason to know of the occurrence of any of the following events:

Amends(a) sec.The filing of a petition by or against the licensee under 11 USC 101 to 110, for bankruptcy or reorganization.

2(b) The filing of 2008a PApetition 260by (MCLor 722.872).against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.

TIE(c) BARThe WITH:commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.

HBWAM 4697'25H02309'25 2026-03-12,(H-2)_HB5544_APH_1 2026-03-19ua73ce Referred1 02/24/2026reported(2) A licensee shall file a report with recommendationthe withoutdirector amendmentwithin HB3 4720business days after the licensee has reason to know of 2025the Rulesoccurrence Rachelleof Smitany Elections:of the following events:

voting(a) equipment;A charge or conviction of the licensee or of a key individual or person in control of the licensee for a felony.

use(b) ofA electroniccharge votingor systemsconviction thatof containan certainauthorized partsdelegate orfor equipment;a felony.

prohibit.Sec.

Amends47. secs.

795A &licensee 795aand ofan 1954authorized PAdelegate 116shall (MCLfile 168.795all &reports 168.795a).required by federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the bank secrecy act and other federal and state laws pertaining to money laundering.

2026-03-12,The 2026-03-19timely Referredfiling 12/09/2025reportedof witha recommendationcomplete and accurate report required under this section with substitutethe (H-1)appropriate HBfederal 4790agency ofis 2025deemed Rulescompliant Jamiewith Thompsonthe Healthrequirements occupations:of this section.

physicians;Sec.

continuing49. education on menopause and related conditions;

provide(1) for.A licensee shall maintain all of the following records, for determining its compliance with this act for at least 3 years:

Amends(a) secs.A record of each outstanding money transmission obligation sold.

17033(b) &A 17533general ofledger 1978posted PAat 368least (MCLmonthly 333.17033containing &all 333.17533).asset, liability, capital, income, and expense accounts.

2026-02-04,(c) 2026-02-19Bank Referredstatements 10/22/2025reportedand withbank recommendationreconciliation withrecords. substitute (H-1) HB 4809 of 2025 Rules Bryan Posthumus Highways:

bridges;(d) Records of each outstanding money transmission obligation.

tolling(e) enforcementRecords program;of each outstanding money transmission obligation paid within the 3-year period.

provide(f) for.A list of the last known names and addresses of all of the licensee's authorized delegates.

Amends(g) titleAny &other sec.records the director reasonably requires by rule.

219WAM ofH02309'25 1949(H-2)_HB5544_APH_1 PAua73ce 3001 (MCL(2) 257.219)The &items addsspecified secs.in subsection (1) may be maintained in any form of record.

820a(3) &Records 820b.specified in subsection (1) may be maintained outside this state if they are made accessible to the director on 7 business-days' notice that is sent in a record.

2025-11-13,(4) 2025-12-11All Referredrecords 09/30/2025reportedmaintained withby recommendationthe withlicensee substituteas (H-4)required HBin 4813subsections of(1), 2025(2), Rulesand Joseph(3) Pavlovare Education:open to inspection by the director in accordance with section 15(1).

other;ARTICLE 8 AUTHORIZED DELEGATES Sec.

interstate51. compact on educational opportunity for military children;

modify.(1) Before a licensee is authorized to conduct business through an authorized delegate or allows a person to act as the licensee's authorized delegate, the licensee must do all of the following:

Amends(a) secs.Adopt, and update as necessary, written policies and procedures reasonably designed to ensure that the licensee's authorized delegates comply with applicable state and federal law.

1(b) &Enter 2into ofa 2008written PAcontract 160that (MCLcomplies 3.1041with &subsection 3.1042).(3).

2026-06-25(c) ReferredConduct 11/05/2025reporteda withreasonable recommendationrisk-based withbackground substituteinvestigation (H-2)sufficient HBfor 4816the oflicensee 2025to Rulesdetermine Nancywhether Jenkins-Arnothe Individualauthorized incomedelegate tax:has complied and will likely comply with applicable state and federal law.

credit;(2) An authorized delegate shall operate in full compliance with this act.

credit(3) forThe certainwritten investmentscontract inrequired Michiganby businesses;subsection (1) must be signed by the licensee and the authorized delegate and, at a minimum, must do all of the following:

provide(a) for.Appoint the person signing the contract as the licensee's WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 authorized delegate with the authority to conduct money transmission on behalf of the licensee.

Amends(b) 1967Set PAforth 281the (MCLnature 206.1and -scope 206.847)of bythe addingrelationship sec.between the licensee and the authorized delegate and the respective rights and responsibilities of the parties.

281.(c) Require the authorized delegate to agree to fully comply with all applicable state and federal laws, rules, and regulations pertaining to money transmission, including this act and regulations implementing this act, relevant provisions of the bank secrecy act and the uniting and strengthening America by providing appropriate tools required to intercept and obstruct terrorism (USA PATRIOT ACT) act of 2001, Public Law 107-56.

2026-03-12,(d) 2026-04-16Require Referredthe 11/04/2025reportedauthorized withdelegate recommendationto withremit substituteand (H-3)handle HBmoney 4823and monetary value in accordance with the terms of 2025the Rulescontract Josephbetween Aragonathe Liquor:licensee and the authorized delegate.

distribution;(e) Impose a trust on money and monetary value net of fees received for money transmission for the benefit of the licensee.

general(f) amendments;Require the authorized delegate to prepare and maintain records as required by this act or regulations implementing this act, or as reasonably requested by the director.

provide(g) for.Acknowledge that the authorized delegate consents to examination or investigation by the director.

Amends(h) secs.State that the licensee is subject to regulation by the director and that, as part of that regulation, the director may suspend or revoke an authorized delegate designation or require the licensee to terminate an authorized delegate designation.

105,(i) 303,Acknowledge 526,receipt 607, 609b & 1025 of 1998the PAwritten 58policies (MCLand 436.1105procedures etrequired seq.)under &subsection adds(1)(a). sec.

412.(4) If the licensee's license is suspended, revoked, WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 surrendered, or expired, the licensee must, within 5 business days, provide documentation to the director that the licensee has notified all applicable authorized delegates of the licensee whose names are in a record filed with the director of the suspension, revocation, surrender, or expiration of a license.

TIEOn BARsuspension, WITH:revocation, surrender, or expiration of a license, applicable authorized delegates shall immediately cease to provide money transmission as an authorized delegate of the licensee.

HB(5) 4824'25,An HBauthorized 4825'25delegate 2025-09-25of Referreda 09/18/2025reportedlicensee withholds recommendationin withtrust substitutefor (H-1)the HBbenefit 4824 of 2025the (PAlicensee 83all money net of 2026)fees Rulesreceived Mattfrom Bierleinmoney Liquor:transmission.

other;If any authorized delegate commingles any funds received from money transmission with any other funds or property owned or controlled by the authorized delegate, all commingled funds and other property must be considered held in trust in favor of the licensee in an amount equal to the amount of money net of fees received from money transmission.

definition(6) An authorized delegate may not use a subdelegate to conduct money transmission on behalf of brand;a licensee.

modify.(7) As used in this section, "remit" means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee.

AmendsSec. secs.

10553. & 1115 of 1998 PA 58 (MCL 436.1105 436.2115) & adds sec.

604.A person shall not engage in the business of money transmission on behalf of a person not licensed under this act or not exempt under article 3.

TIEA BARperson WITH:that engages in such activity provides money transmission to the same extent as if the person were a licensee, and shall be jointly and severally liable with the unlicensed or nonexempt person.

HBARTICLE 4823'259 2025-09-25WAM ReferredH02309'25 09/18/2025reported(H-2)_HB5544_APH_1 withua73ce recommendation1 withTIMELY substituteTRANSMISSION, (H-3)REFUNDS, HBAND 4834DISCLOSURES ofSec. 2025 Rules Jaime Greene Aeronautics:

other;55.

aeronautics(1) code;Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur.

revise.(2) If a licensee fails to forward money received for transmission in accordance with this section, the licensee shall respond to inquiries by the sender with the reason for the failure unless providing a response would violate a state or federal law, rule, or regulation.

AmendsSec. title & secs.

2,57. 3, 7, 8, 9, 26, 27, 33, 34, 35, 51, 52, 53, 55, 76, 76a, 77, 80b, 80e, 82, 86, 109 & 155 of 1945 PA 327 (MCL 259.2 et seq.);

adds(1) sec.This section does not apply to either of the following:

89c(a) &Money repealsreceived sec.for transmission subject to 12 CFR 1005.30 to 1005.36.

36(b) ofMoney 1945received PAfor 327transmission (MCLunder 259.36).a written agreement between the licensee and payee to process payments for goods or services provided by the payee.

TIE(2) BAREvery WITH:licensee shall refund to the sender within 10 days of receipt of the sender's written request for a refund of any and all money received for transmission unless any of the following occurs:

HB(a) 4835'25The Referredmoney 09/30/2025has HBbeen 4835forwarded within 10 days of 2025the Rulesdate Jaimeon Greenewhich Aeronautics:the money was received for transmission.

other;(b) Instructions have been given committing an equivalent amount of money to the person designated by the sender within 10 days of the date on which the money was received for transmission.

definition(c) The agreement between the licensee and the sender WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 instructs the licensee to forward the money at a time that is beyond 10 days of lawthe enforcementdate officer;on which the money was received for transmission.

update.If funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, the licensee shall issue a refund in accordance with the other provisions of this section.

Amends(d) sec.The refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law, rule, or regulation has occurred, is occurring, or may occur.

2(e) ofThe 1965refund PArequest 203does (MCLnot 28.602).enable the licensee to do either of the following:

TIE(i) BARIdentify WITH:the sender's name and address or telephone number.

HB(ii) 4834'25Identify Referredthe 09/30/2025particular HBtransaction 4845to ofbe 2025refunded Rulesin Tomthe Kunseevent Transportation:the sender has multiple transactions outstanding.

funds;Sec.

requirements59. for competitive bidding for certain road construction project contracts;

modify.(1) Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission.

AmendsThe sec.receipt must contain the name of the sender, the name of the designated recipient, the date of the transaction, the unique transaction or identification number, the name of the licensee, the nationwide multistate licensing system and registry unique ID, the licensee's business address, and the licensee's customer service telephone number, the amount of the transaction in United States dollars, any fee charged by the licensee to the sender for the transaction, and any taxes collected by the licensee from the sender for the transaction.

11cThe ofreceipt 1951required PAby 51this (MCLsubsection 247.661c).must be in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 in person, electronically or by phone, if other than English.

Referred(2) 02/18/2026This HBsection 4855does ofnot 2025apply Rulesto Davidany Prestinof Weapons:the following:

firearms;(a) Money received for transmission subject to 12 CFR 1005.30 to 1005.36.

possession(b) ofMoney areceived pistolfor bytransmission athat bowis hunter;not primarily for personal, family, or household purposes.

allow.(c) Money received for transmission under a written agreement between the licensee and the payee to process payments for goods or services provided by the payee.

Amends(d) sec.Payroll processing services.

43510(3) ofAs 1994used PAin 451this (MCLsection, 324.43510)."receipt" means a paper receipt, electronic record, or other written confirmation.

2026-01-15,For 2026-01-22a Referredtransaction 11/05/2025reportedconducted within recommendationperson, withthe substitutereceipt (H-1)may HBbe 4864provided ofelectronically 2025if Rulesthe Juliesender Rogersrequests Health:or agrees to receive an electronic receipt.

children;For a transaction conducted electronically or by phone, a receipt may be provided electronically.

definitionAll ofelectronic elevatedreceipts bloodmust leadbe level;provided in a retainable form.

modify.Sec.

Amends61. sec.

5456Every licensee or authorized delegate shall include on a receipt or disclose on the licensee's website or mobile application the name and phone number of 1978the PAdepartment 368and (MCLa 333.5456).statement that the licensee's customers can contact the department with questions or complaints about the licensee's money transmission services.

2026-06-18,Sec. 2026-06-25 Referred 06/03/2026reported with recommendation with substitute (H-1) HB 4878 of 2025 Rules Curtis VanderWall Health:

pharmaceuticals;63.

reporting(1) certainA informationlicensee andthat regulatingprovides certainpayroll conductprocessing relatedservices toshall drugsdo andboth of the federalfollowing: 340B program;

provide(a) for.Issue reports to clients detailing client payroll obligations in advance of the payroll funds being deducted from an account.

Creates(b) newMake act.available worker paystubs or an equivalent statement WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 to workers.

Referred(2) 01/28/2026Subsection HB(1) 4881does ofnot 2025apply Rulesto Jerrya Neyerlicensee Occupations:providing payroll processing services where the licensee's client designates the intended recipients to the licensee and is responsible for providing the disclosures required by subsection (1)(b).

individualARTICLE licensing10 andPRUDENTIAL registration;STANDARDS Sec.

reference65. to wholesale potato dealers licensing;

update.(1) A licensee shall maintain at all times a tangible net worth of the greater of $100,000.00 or 3% of total assets for the first $100,000,000.00, 2% of additional assets for $100,000,000.00 to $1,000,000,000.00, and 0.5% of additional assets for over $1,000,000,000.00.

Amends(2) sec.Tangible net worth must be demonstrated at initial application by the applicant's most recent audited or unaudited financial statements in accordance with section 25(2)(f).

4105(3) Notwithstanding the foregoing provisions of 2000this PAsection, 92the (MCLdirector 289.4105).has the authority, for good cause shown, to exempt, in part or in whole, from the requirements of this section any applicant or licensee.

TIESec. BAR WITH:

HB67. 4882'25 2025-11-06, 2025-11-13 Referred 10/30/2025reported with recommendation without amendment HB 4882 of 2025 Rules Jerry Neyer Occupations:

individual(1) licensingAn applicant for a money transmission license must provide, and registration;a licensee at all times shall maintain, security consisting of a surety bond in a form satisfactory to the director or, with the director's approval, a deposit instead of a bond in accordance with this section.

licensing(2) The amount of potatothe dealers;required security is either of the following:

eliminate.(a) The greater of $100,000.00 or an amount equal to 100% of the licensee's average daily money transmission liability in this state calculated for the most recently completed 3-month period, up WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 to a maximum of $500,000.00.

Repeals(b) 1964In PAthe 158event (MCLthat 290.451the -licensee's 290.466).tangible net worth exceeds 10% of total assets, the licensee shall maintain a surety bond of $100,000.00.

2025-11-06,(3) 2025-11-13A Referredlicensee 10/30/2025reportedthat withmaintains recommendationa withoutbond amendmentin HBthe 4892maximum ofamount 2025provided Rulesfor Stevein Frisbiesubsection Occupations:(2)(a) or (b), as applicable, shall not be required to calculate its average daily money transmission liability in this state for purposes of this section.

accounting;(4) A licensee may exceed the maximum required bond amount under section 71(1)(d).

requirementsSec. for an accountancy firm license;

modify.69.

Amends(1) secs.A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations.

724(2) &Except 728for permissible investments enumerated in section 71(1), the director, with respect to any licensee, may by rule or order limit the extent to which a specific investment maintained by a licensee within a class of 1980permissible PAinvestments 299may (MCLbe 339.724considered &a 339.728).permissible investment, if the specific investment represents undue risk to customers, not reflected in the market value of investments.

2025-11-13,(3) 2025-12-11Permissible Referredinvestments, 11/04/2025reportedeven withif recommendationcommingled with substituteother (H-1)assets HBof 4894the licensee, are held in trust for the benefit of 2025the Rulespurchasers Ronand Robinsonholders Occupations:of the licensee's outstanding money transmission obligations in the event of insolvency, the filing of a petition by or against the licensee under 11 USC 101 to 110, for bankruptcy or reorganization, the filing of a petition by or against the licensee for receivership, the commencement of any WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 other judicial or administrative proceeding for its dissolution or reorganization, or in the event of an action by a creditor against the licensee who is not a beneficiary of this statutory trust.

residentialNo builders;permissible investments impressed with a trust under this subsection is subject to attachment, levy of execution, or sequestration by order of any court, except for a beneficiary of this statutory trust.

restrictions(4) On the establishment of a statutory trust in accordance with subsection (3) or when any funds are drawn on qualifyinga experienceletter forof buildingcredit inspectors;under section 71(1)(e), the director shall notify the applicable regulator of each state in which the licensee is licensed to engage in money transmission, if any, of the establishment of the trust or the funds drawn on the letter of credit, as applicable.

modify.Notice must be deemed satisfied if performed in accordance with a multistate agreement or through the nationwide multistate licensing system and registry.

AmendsFunds sec.drawn on a letter of credit, and any other permissible investments held in trust for the benefit of the purchasers and holders of the licensee's outstanding money transmission obligations, are deemed held in trust for the benefit of such purchasers and holders on a pro rata and equitable basis in accordance with statutes under which permissible investments are required to be held in this state, and other states, as applicable.

207Any statutory trust established hereunder must be terminated on extinguishment of 2016all PAof 407the (MCLlicensee's 339.5207)outstanding &money addstransmission sec.obligations.

1020.(5) The director by rule or by order may allow other types of investments that the director determines are of sufficient liquidity and quality to be a permissible investment.

ReferredThe 06/25/2026director HBis 4895authorized to participate in efforts with other state regulators WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 to determine that other types of 2025investments Rulesare Ryleeof Lintingsufficient Occupations:liquidity and quality to be a permissible investment.

individualSec. licensing and registration;

continuing71. education requirements;

allow(1) toThe befollowing fulfilledinvestments withare onlinepermissible remoteunder learning.section 69:

Amends(a) sec.Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equivalents including ACH items in transit to the licensee and ACH items or international wires in transit to a payee, cash in transit via armored car, cash in smart safes, cash in licensee- owned locations, debit card or credit card-funded transmission receivables owed by any bank, or money market mutual funds rated "AAA" by S&P, or the equivalent from any eligible rating service.

314(b) Certificates of 1980deposit PAor 299senior (MCLdebt 339.314).obligations of an insured depository institution, as defined in section 3 of the federal deposit insurance act, 12 USC 1813, or an insured credit union, as defined under 12 USC 1752.

2025-11-13,(c) 2025-12-11,An 2025-12-16obligation Referredof 11/05/2025reportedthe withUnited recommendationStates withoutor amendmenta HBcommission, 4896agency, or instrumentality thereof, an obligation that is guaranteed fully as to principal and interest by the United States, or an obligation of 2025a Rulesstate Jasonor Woolforda Healthgovernmental occupations:subdivision, agency, or instrumentality thereof.

physicians;(d) One hundred percent of the surety bond or deposit provided for under section 67.

license(e) The full drawable amount of an irrevocable standby letter of credit for which the stated beneficiary is the director that stipulates that the beneficiary need only draw a sight draft under the letter of credit and present it to engageobtain infunds up to the practiceletter of medicinecredit foramount internationalwithin medical7 schooldays graduates;of presentation of the items WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 required by subsection (4).

provide(2) forAll of the following apply to letter of credit under certainsubsection circumstances.(1)(e):

Amends(a) secs.It must be issued by a federally insured depository financial institution, a foreign bank that is authorized under federal law to maintain a federal agency or federal branch office in a state or states, or a foreign bank that is authorized under state law to maintain a branch in a state to which either of the following apply:

17001(i) &It 17011bears ofan 1978eligible PArating 368or (MCLits 333.17001parent &company 333.17011).bears an eligible rating.

TIE(ii) BARIt WITH:is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks, credit unions, and trust companies.

HB(b) 4925'25It 2025-12-11,must 2026-01-15be Referredirrevocable, 11/12/2025reportedunconditional, withand recommendationindicate withthat substituteit (H-1)is HBnot 4897subject ofto 2025any Rulescondition Davidor Martinqualifications Occupations:outside of the letter of credit.

individual(c) licensingIt andmust registration;not contain reference to any other agreements, documents or entities, or otherwise provide for any security interest in the licensee.

boiler(d) installerIt license;must contain an issue date and expiration date, and expressly provide for automatic extension, without a written amendment, for an additional period of 1 year from the present or each future expiration date, unless the issuer of the letter of credit notifies the director in writing by certified or registered mail or courier mail or other receipted means, at least 60 days before any expiration date, that the irrevocable letter of credit will not be extended.

provide(3) for.In the event of any notice of expiration or non-extension WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 of a letter of credit issued under subsection (2)(d), the licensee shall be required to demonstrate to the satisfaction of the director, 15 days before expiration, that the licensee maintains and will maintain permissible investments in accordance with section 69(1) on the expiration of the letter of credit.

AmendsIf sec.the licensee is not able to do so, the director may draw on the letter of credit in an amount up to the amount necessary to meet the licensee's requirements to maintain permissible investments in accordance with section 69(1).

939Any ofsuch 2016draw PAmust 407be (MCLoffset 339.5939)against &the addslicensee's secs.outstanding money transmission obligations.

926,The 926adrawn &funds 926b.must be held in trust by the director or the director's designated agent, to the extent authorized by law, as agent for the benefit of the purchasers and holders of the licensee's outstanding money transmission obligations.

2026-01-15(4) ReferredThe 12/18/2025reportedletter withof recommendationcredit withunder substitutesubsection (H-1)(1)(e) HBmust 4898provide that the issuer of 2025the Rulesletter Annof Bollincredit Occupations:will honor, at sight, a presentation made by the beneficiary to the issuer all of the following documents on or before the expiration date of the letter of credit:

individual(a) licensingThe andoriginal registration;letter of credit, including any amendments.

boiler(b) repairA license;written statement from the beneficiary stating that any of the following events have occurred:

provide(i) for.The filing of a petition by or against the licensee under 11 USC 101 to 110, for bankruptcy or reorganization.

Amends(ii) sec.The filing of a petition by or against the licensee for receivership, or the commencement of any other judicial or administrative proceeding for its dissolution or reorganization.

941(iii) The seizure of 2016assets PAof 407a (MCLlicensee 339.5941)by &a addsdirector secs.under an emergency order issued in accordance with applicable law on the WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 basis of an action, violation, or condition that has caused or is likely to cause the insolvency of the licensee.

928,(iv) 928aThe &beneficiary 928b.has received notice of expiration or non- extension of a letter of credit and the licensee failed to demonstrate to the satisfaction of the beneficiary that the licensee will maintain permissible investments in accordance with section 69(1) on the expiration or non-extension of the letter of credit.

2026-01-15(5) ReferredThe 12/18/2025reporteddirector withmay recommendationdesignate withan substituteagent (H-1)to HBserve 4899on the director's behalf as beneficiary to a letter of 2025credit Rulesunder Jamiesubsection Thompson(1)(e) Healthso occupations:long as the agent and letter of credit meet requirements established by the director.

nurses;The director's agent may serve as agent for multiple licensing authorities for a single irrevocable letter of credit if the proceeds of the drawable amount for the purposes of subsection (1)(e) are assigned to the director.

evaluation(6) The director is authorized to participate in multistate processes designed to facilitate the issuance and administration of foreignletters trainedof registeredcredit nurses;under subsection (1)(e), including, but not limited to, services provided by the nationwide multistate licensing system and registry and State Regulatory Registry, LLC.

modify.(7) Unless permitted by the director by rule or by order to exceed the limit as set forth herein, all of the following investments are permissible under section 69 to the extent specified:

Amends(a) sec.Receivables that are payable to a licensee from its authorized delegates in the ordinary course of business that are less than 7 days old, up to 50% of the aggregate value of the licensee's total permissible investments.

17213(b) Of the receivables permissible under subdivision (a), WAM H02309'25 (H-2)_HB5544_APH_1 ua73ce 1 receivables that are payable to a licensee from a single authorized delegate in the ordinary course of 1978business PAmay 368not (MCLexceed 333.17213).10% of the aggregate value of the licensee's total permissible investments.

2026-02-04,(c) 2026-02-19The Referredfollowing 01/28/2026reportedinvestments withare recommendationpermissible withoutup amendmentto HB20% 4901per category and combined up to 50% of 2025the Rulesaggregate Jamievalue Thompsonof Health:the licensee's total permissible investments:

licensing;(i) A short-term, up to 6 months, investment bearing an eligible rating.

licensing(ii) ofCommercial nursespaper andbearing speech-languagean pathologists;eligible rating.

modify.(iii) A bill, note, bond, or debenture bearing an eligible rating.

Amends(iv) secs.United States tri-party repurchase agreements collateralized at 100% or more with United States government or agency securities, municipal bonds, or other securities bearing an eligible rating.

17211(v) &Money 17603market ofmutual 1978funds PArated 368less (MCLthan 333.17211"AAA" &and 333.17603).equal to or higher than "A-" by S&P, or the equivalent from any other eligible rating service.

2026-03-19(vi) ReferredA 02/18/2026reportedmutual withfund recommendationor withoutother amendmentinvestment HBfund 4907composed solely and exclusively of 2025one Rulesor Davidmore Prestinpermissible Occupations:investments listed in subsection (1)(a) to (c).

individual(d) licensingCash, including demand deposits, savings deposits, and registration;funds in such accounts held for the benefit of the licensee's customers, at foreign depository institutions are permissible up to 10% of the aggregate value of the licensee's total permissible investments, if all of the following apply to the foreign depository institution: