Michigan HB5558 regulates earned wage access services, requiring licenses, setting fees, and outlining consumer protections.

Michigan HB5558, known as the "earned wage access services act," establishes a regulatory framework for businesses offering earned wage access services. The act mandates that businesses obtain a license to operate, with fees based on the volume of business and number of locations. It prohibits certain practices, such as charging late fees or using a consumer's credit score for eligibility. The act also outlines consumer rights, including the ability to cancel services without fees and the requirement for clear disclosure of fees and terms.

Michigan HB5558 regulates earned wage access services, requiring licenses, setting fees, and outlining consumer protections.

Michigan HB5558, known as the "earned wage access services act," establishes a regulatory framework for businesses offering earned wage access services. The act mandates that businesses obtain a license to operate, with fees based on the volume of business and number of locations. It prohibits certain practices, such as charging late fees or using a consumer's credit score for eligibility. The act also outlines consumer rights, including the ability to cancel services without fees and the requirement for clear disclosure of fees and terms.