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MI HB5569

Bill

Official Source

Status

Introduced

2/24/2026

Primary Sponsor

Peter Herzberg

Click for details

Origin

House of Representatives

103rd Legislature

AI Summary

  • Exempts earned wage access services licensed under the Earned Wage Access Services Act from Michigan's criminal usury law
  • Amends the 1968 criminal usury statute (MCL 438.41 to 438.42) by adding a new section 1a creating this exemption
  • Contingent on passage of HB 5558, which would establish the licensing framework for earned wage access providers
  • Introduced February 24, 2026 and referred to the Committee on Regulatory Reform

Legislative Description

Financial institutions: generally; criminal usury; amend to exempt earned wage access services. Amends 1968 PA 259 (MCL 438.41 - 438.42) by adding sec. 1a. TIE BAR WITH: HB 5558'26

Financial institutions: generally

Last Action

Bill Electronically Reproduced 02/24/2026

2/26/2026

Committee Referrals

Regulatory Reform2/24/2026

Full Bill Text

No bill text available