Financial institutions: generally; regulatory loan act; amend to exempt earned wage access services. Amends sec. 20 of 1939 PA 21 (MCL 493.20). TIE BAR WITH: HB 5558'26

HB 5567 amends Michigan's Regulatory Loan Act to exempt earned wage access services from its regulations. Specifically, it adds a new exemption for businesses operating under a license issued by the earned wage access services act, meaning these services would no longer be treated as loans under the current law. This change would directly affect providers of earned wage access services (such as employers or third-party apps offering early wage access) by removing requirements like licensing under the Regulatory Loan Act. The bill's implementation is contingent on another related bill (HB 5558) being enacted.