A bill to amend 1966 PA 326, entitled “An act to regulate the rate of interest of money; to provide exceptions; to prescribe the rights of parties; and to repeal certain acts and parts of acts,” by amending section 1 (MCL 438.31).
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.
Co-sponsored by Reps.
Referred to the Committee on Regulatory Reform
