Bill
HB 25-1020
Overview: HB 25-1020, Earned-Wage Access Service Provider, House Committee on Finance Postpone Indefinitely, Introduced January 08, 2025Purpose and Intent: The purpose of this bill
Overview: HB 25-1020, Earned-Wage Access Service Provider, House Committee on Finance Postpone Indefinitely, Introduced January 08, 2025
Purpose and Intent: The purpose of this bill is to establish a regulatory framework for earned-wage access service providers in the state. The intent is to protect consumers and ensure the responsible provision of these financial services.
Key Provisions:
- Defines "earned-wage access service provider" and requires them to be licensed by the state
- Imposes requirements on providers regarding disclosures, fees, and consumer protections
- Prohibits providers from engaging in certain practices, such as requiring mandatory use of the service or charging excessive fees
- Grants the state's financial regulatory agency oversight and enforcement authority over providers
Affected Parties and Impacts:
- This bill would directly affect earned-wage access service providers operating in the state, subjecting them to new licensing and regulatory requirements
- Consumers of these services would also be impacted, as the bill aims to provide greater protections and transparency around the use of earned-wage access products
Procedural and Timeline Considerations:
- The bill was introduced in the state House on January 8, 2025, but was subsequently postponed indefinitely by the House Committee on Finance
- Without further action by the legislature, the bill is unlikely to progress any further in the current session
Compiled from official sources — confirm details with the bill’s official record.
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