Bill
Bill > HB5565
MI HB5565
MI HB5565Financial institutions: other; deferred presentment service transactions act; provide for exemption for certain earned wage access services. Amends sec. 11 of 2005 PA 244 (MCL 487.2131). TIE BAR WITH: HB 5558'26
summary
Introduced
02/24/2026
02/24/2026
In Committee
02/24/2026
02/24/2026
Crossed Over
Passed
Dead
Introduced Session
103rd Legislature
Bill Summary
A bill to amend 2005 PA 244, entitled"Deferred presentment service transactions act,"by amending section 11 (MCL 487.2131).
AI Summary
This bill amends the Deferred Presentment Service Transactions Act, which regulates short-term, high-cost loans often referred to as "payday loans," by creating an exemption for certain earned wage access services. Earned wage access (EWA) services allow individuals to access a portion of their earned wages before their scheduled payday, and this bill clarifies that companies licensed under a separate Earned Wage Access Services Act will not be subject to the regulations of the Deferred Presentment Service Transactions Act for their EWA operations. This means that these EWA providers, which are distinct from traditional payday lenders, will operate under their own specific licensing and regulatory framework, ensuring that their services are not inadvertently caught by the rules designed for deferred presentment transactions.
Committee Categories
Government Affairs
Sponsors (10)
David Martin (R)*,
Greg Alexander (R),
Matthew Bierlein (R),
Will Bruck (R),
Tyrone Carter (D),
Peter Herzberg (D),
Tullio Liberati (D),
J.R. Roth (R),
Joseph Tate (D),
Doug Wozniak (R),
Last Action
House Regulatory Reform (09:00:00 3/12/2026 Room 519, House Office Building) (on 03/12/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5565 |
| Fiscal Note/Analysis - House: Summary as Introduced | https://legislature.mi.gov/documents/2025-2026/billanalysis/House/pdf/2026-HLA-5558-Y1XVL7JG.pdf |
| BillText | https://legislature.mi.gov/documents/2025-2026/billintroduced/House/htm/2026-HIB-5565.htm |
Loading...