Periodic arrays of noble metal nanoparticles are emblematic nanostructures in photonics. Their ability to sustain localized surface plasmon resonances has been used throughout the years to demonstrate a variety of passive and active functionalities such as enhanced luminescence in dipolar media and LEDs as well as higher responsivities in photoconductive detectors. Here, we show that additional magnetic resonances, associated with inductive current loops between the nanoparticles and accessible with transverse electric waves, emerge in the limit of dense arrays with subwavelength periods. Moreover, their interplay with the plasmons of the system results in spectrally sharp analogues of electromagnetically induced absorption (EIA). We use these metasurfaces to induce changes and enhancements in the emission, absorption, photoconduction, and polarization properties of active layers of PbS nanocrystals, illustrating the potential of EIA beyond the passive functionalities demonstrated so far in literature.