The bill amends the 1968 PA 259, which defines and regulates criminal usury, by adding a new section (Sec. 1a) that specifies that the act does not apply to business transactions conducted under a license from the earned wage access services act. This addition clarifies the scope of the law, ensuring that businesses operating under this specific licensing framework are exempt from the regulations pertaining to criminal usury.

Furthermore, the bill includes an enacting section that stipulates it will not take effect unless House Bill No. 5558 is also enacted into law. This conditional enactment underscores the interconnectedness of legislative measures and ensures that the provisions of this bill are only implemented in conjunction with the specified House Bill.

Statutes affected:
House Introduced Bill: 438.41, 438.42