MI HB5565

Exempts earned wage access service providers licensed under the Earned Wage Access Services Act from the Deferred Presentment Service Transactions Act, which otherwise requires licensing to conduct payday loan-type transactions in Michigan.

Maintains the existing exemption for federally insured banks, savings and loan associations, savings banks, and credit unions from deferred presentment licensing requirements.

Requires a separate license for each location conducting deferred presentment service transactions, with licensing mandatory since June 1, 2006.

Takes effect only if House Bill No. 5558 of the 103rd Legislature (the companion Earned Wage Access Services Act) is enacted into law.