MI HB5566

Amends Michigan's Credit Reform Act to exempt providers of earned wage access services from being classified as "regulated lenders" under the act.

Earned wage access services allow workers to access wages they have already earned before their scheduled payday, and this bill excludes licensed providers of these services from credit regulations.

Updates outdated statutory references and terminology throughout the Credit Reform Act, including changing "commissioner of the financial institutions bureau" to "director of the department of insurance and financial services."

Requires House Bill 5558, which would establish the Earned Wage Access Services Act, to be enacted before this exemption takes effect.