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HB 5562

Financial institutions: other; definition of financial licensing acts in the consumer financial services act; modify to include the earned wage access services act. Amends sec. 2 of 1988 PA 161 (MCL 487.2052). TIE BAR WITH: HB 5558'26

2025-2026 Regular Session Introduced by Greg Alexander and 9 co-sponsors

HB 5562 moves earned wage access services into Michigan’s financial licensing regime, requiring licensing and consumer protections for EWA providers.

referred to second reading
#businesses:other #financialinstitutions:other
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Bill Summary · HB 5562

Summary of HB 5562 (Michigan, 2025-2026)

Purpose and Intent

HB 5562 amends the definition within the Michigan consumer financial services framework to include earned wage access (EWA) services under the umbrella of “financial licensing acts.” Specifically, it modifies Section 2 of 1988 Public Act 161 (MCL 487.2052) to ensure earned wage access services are treated as financial licensing activities, bringing them within the regulatory scope of Michigan’s financial licensing regime. The bill is tied to HB 5558′26, indicating a related or companion measure in the same legislative package.

Key Provisions

  • Definition Update: The bill expands the scope of “financial licensing acts” to explicitly include earned wage access services. This ensures that providers of EWA—services that allow workers to access a portion of their earned wages before the traditional pay cycle—will be subject to Michigan’s financial regulatory framework.
  • Regulatory Coverage: By integrating EWA into the defined set of regulated activities, EWA providers could be required to obtain appropriate licenses, meet consumer protection standards, and comply with applicable Michigan financial services laws.
  • Cross-reference and Tie-Bar: The measure is tied to HB 5558′26, indicating concurrent consideration and potential joint impact or mutual procedural alignment between the two bills.

Who/What Would Be Affected

  • Earned Wage Access Providers: Firms offering EWA services operating in Michigan would fall under the state’s financial licensing regime. Providers may face licensing requirements, ongoing compliance obligations, and supervision by the relevant regulatory authority(s) responsible for financial licensing.
  • Consumers/Workers: Workers who use EWA services could gain enhanced regulatory protections and oversight, including licensing standards, disclosures, and complaint handling that accompany regulated financial services.
  • Regulatory Agencies: State regulators overseeing financial licensing would expand their scope to include EWA providers, potentially affecting licensing processing timelines, examinations, and enforcement activities.

Procedural and Timeline Aspects

  • Introduction and Referral: Introduced on February 24, 2026 by Representative Tullio Liberati Jr. and referred to the Committee on Regulatory Reform.
  • Committee Action: On February 26, 2026, the bill was electronically reproduced and subsequently referred for committee consideration.
  • Reported Status: As of April 30, 2026, HB 5562 was reported out of committee with a recommendation without amendment and referred to second reading, indicating advancement toward potential floor consideration.
  • Sponsors: Includes a broad bipartisan group of co-sponsors, suggesting cross-chamber and cross-ideological support interest.

Practical Impact Considerations

  • The formal inclusion of EWA within financial licensing acts could increase regulatory certainty for EWA providers but may also raise compliance costs (licensing fees, ongoing regulatory reporting, consumer disclosure requirements, and potential examinations).
  • If paired with HB 5558′26, there may be coordinated regulatory changes affecting licensing processes, scope, and enforcement expectations for consumer financial services beyond EWA.

This summary provides a concise overview of HB 5562’s objective to regulate earned wage access services under Michigan’s financial licensing framework, its key provisions, who is affected, and the bill’s current legislative trajectory. If you’d like, I can compare this bill to existing Michigan licensing statutes or outline potential compliance steps for EWA providers.

Compiled from official sources — confirm details with the bill’s official record.

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