Amends Michigan law to exempt earned wage access services from the definition of regulatory lender.
This bill amends Michigan's financial institutions law to exclude earned wage access services from the definition of a regulatory lender. This change means that entities licensed to provide earned wage access services are not considered regulatory lenders under the law. The amendment is contingent on the enactment of another bill, HB 5558.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.