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HB5562 • 2026

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

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

Labor
Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Tullio Liberati (District 2), Peter Herzberg (District 25), Will Snyder (District 87), Tyrone Carter (District 1), Gregory Alexander (District 98), Douglas Wozniak (District 59), Matt Bierlein (District 97), Joseph Tate (District 9), John Roth (District 104), William Bruck (District 30)
Last action
2026-04-30
Official status
referred to second reading
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

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

Financial institutions: other; definition of financial licensing acts in the consumer financial services act; modify to include the earned wage access services act.

What This Bill Does

  • 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

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-04-30 HJ 34 Pg. 0

    reported with recommendation without amendment

  2. 2026-04-30 HJ 34 Pg. 0

    referred to second reading

  3. 2026-02-26 HJ 16 Pg. 189

    bill electronically reproduced 02/24/2026

  4. 2026-02-24 HJ 14 Pg. 162

    introduced by Representative Rep. Tullio Liberati Jr.

  5. 2026-02-24 HJ 14 Pg. 162

    read a first time

  6. 2026-02-24 HJ 14 Pg. 162

    referred to Committee on Regulatory Reform

Official Summary Text

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