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Money‑transmission modernization bill gets industry backing; ADP urges oversight to prevent payroll fraud
Summary
Supporters told the Rules Committee HB 55‑44 aligns Michigan with a nationwide money‑transmitter modernization act and would add background/credit checks for entities that hold and remit business funds; Amy Miller of ADP testified the bill protects employers and employees from payroll‑provider misconduct.
Representative Lightner introduced HB 55‑44 as a modernization of Michigan's money‑transmission framework intended to align state law with the nationwide Money Transmission Modernization Act and to create uniform licensing and oversight across states. "This is the money transmitter or money transmission modernization act bill," the sponsor told the committee, saying it standardizes definitions and licensing requirements.
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