MI HB5558

Requires earned wage access service providers to obtain a license from the Michigan Department of Insurance and Financial Services, with a $50,000 surety bond and annual fees based on business volume and locations.

Prohibits providers from charging interest, late fees, or collection penalties on outstanding proceeds, and caps delivery fees at $7.00 per transaction.

Mandates that providers offer at least one no-cost option for consumers to receive proceeds and clearly disclose that tips, gratuities, or donations are voluntary and do not affect service eligibility.

Requires providers to reimburse consumers for overdraft or insufficient funds fees caused by provider errors in payment timing or amounts.

Authorizes the director to investigate complaints, issue cease and desist orders, suspend or revoke licenses, and impose administrative fines of $1,000 to $10,000 per violation.