MI HB5559

Exempts providers licensed under the Earned Wage Access Services Act from the Money Transmission Services Act, meaning they would not need a separate money transmitter license to operate in Michigan.

Amends MCL 487.1004 to add earned wage access service providers to the existing list of entities exempt from money transmission licensing requirements, which includes banks, credit unions, government agencies, and certain agents.

This bill is a tie bar with HB 5558, meaning it will only take effect if HB 5558 (the Earned Wage Access Services Act) is also enacted into law.

The exemption applies only to the extent the provider is operating as a licensee under the earned wage access services act, not to any other money transmission activities they may conduct.