Michigan HB5561 amends the occupational code to regulate collection agencies and exempts certain earned wage access services.

Michigan HB5561 amends the occupational code to regulate collection agencies by defining terms such as "collection agency," "creditor," and "consumer." It exempts certain earned wage access services from the definition of a collection agency. The bill also specifies activities that do not constitute collection activities, such as forwarding repossession notices or communicating with creditors regarding these activities. This amendatory act will not take effect unless House Bill No. 5558 is enacted into law.

Michigan HB5561 amends the occupational code to regulate collection agencies and exempts certain earned wage access services.

Michigan HB5561 amends the occupational code to regulate collection agencies by defining terms such as "collection agency," "creditor," and "consumer." It exempts certain earned wage access services from the definition of a collection agency. The bill also specifies activities that do not constitute collection activities, such as forwarding repossession notices or communicating with creditors regarding these activities. This amendatory act will not take effect unless House Bill No. 5558 is enacted into law.