Bill > HB5558

This bill, titled the "earned wage access services act," establishes regulations and licensing requirements for businesses that provide earned wage access services, which allow individuals to access their earned but unpaid income before their regular payday. The bill defines "earned wage access services" as either consumer-directed (based on the consumer's representations and the provider's determination of earned income) or employer-integrated (based on data from the employer). To operate, providers must obtain a license from the department of insurance and financial services, pay licensing fees, and post a $50,000 surety bond. The bill outlines application procedures, grounds for license denial, and requirements for licensees, including clear disclosure of all fees to consumers, the right to cancel services without penalty, and prohibitions against certain practices like charging late fees or using credit scores to determine eligibility. The director of the department has the authority to investigate complaints, examine records, and issue cease and desist orders, suspend or revoke licenses, and impose administrative fines for violations, with criminal penalties also prescribed for certain offenses. The bill also includes provisions for rule-making, record retention, and a grace period for existing providers to apply for a license.

Government Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2026-HB-5558