2026 House Bill 5562

Financial institutions: other; definition of financial licensing acts in the consumer financial services act; modify to include the earned wage access services act.

A bill to amend 1988 PA 161, entitled “Consumer financial services act,” by amending section 2 (MCL 487.2052), as amended by 2006 PA 252.

Official record

AI Analysis – Experimental

House Bills 5558-5569 collectively establish a comprehensive regulatory framework for earned wage access services in Michigan by creating licensing and consumer protection standards while coordinating exemptions and updates across money transmission, lending, debt collection, garnishment, and usury laws to clarify oversight and ensure consistent treatment under related legislation.

Introduced in the House

Feb. 24, 2026

Introduced by Rep. Tullio Liberati (D-2) and 9 co-sponsors

Co-sponsored by Reps. Peter Herzberg (D-25), Will Snyder (D-87), Tyrone Carter (D-1), Gregory Alexander (R-98), Doug Wozniak (R-59), Matt Bierlein (R-97), Joe Tate (D-9), John Roth (R-104) and William Bruck (R-30)

Referred to the Committee on Regulatory Reform