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S 3047

Order relative to authorizing the joint committee on Financial Services to make an investigation and study of a certain current Senate document relative to licensing of earned wage access services providers by the Division of Banks.

194th Legislature (2025-2026)

The order authorizes a study by the Joint Committee on Financial Services of how earned wage access providers are licensed by the Division of Banks, to inform future regulation.

Discharged to the committee on Senate Rules
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Bill Summary · S 3047

Summary: Senate Order S.3047 (Massachusetts, 194th General Court, 2025-2026)

Title

Order relative to authorizing the joint committee on Financial Services to make an investigation and study of a certain current Senate document relative to licensing of earned wage access services providers by the Division of Banks.

Purpose and Intent

  • The bill authorizes the Senate’s Joint Committee on Financial Services to investigate and study Senate Document 725.
  • The subject of the investigation is the licensing of earned wage access (EWA) services providers by the Massachusetts Division of Banks.
  • In short, the order seeks to review current or proposed licensing frameworks for EWA providers to determine appropriate regulatory approaches, considerations, and potential recommendations.

Key Provisions / Provisions Tied to the Order

  • Authorization to Investigate and Study: The committee is empowered to conduct a formal inquiry into how earned wage access services providers are licensed by the Division of Banks, including the adequacy, scope, and effectiveness of the existing framework.
  • Reference Document: The investigation targets Senate Document 725, which concerns licensing of EWA providers.
  • Process: The order directs the committee to carry out the study and report findings, which could inform future legislative or regulatory action.

Who or What Would Be Affected

  • Regulatory Framework: Massachusetts earned wage access service providers (EWA providers) and their licensing requirements under the Division of Banks.
  • Regulatory Agency: Division of Banks (Massachusetts Department of Banking) would be the primary regulatory subject of the assessment.
  • Legislative Stakeholders: The Joint Committee on Financial Services would undertake the study, potentially leading to recommendations for changes in law or regulation.

Procedural and Timeline Aspects

  • Action History:
    • Reported by the Senate Committee on Financial Services (accompanied by Senate Document 725) on April 8, 2026.
    • The measure was discharged to the Senate Rules and subsequently referred to the Rules of the two branches, acting concurrently, on April 13, 2026.
  • The order is an investigative authorization rather than immediate regulatory change; its outcome would typically be a committee report with findings and possible recommendations for further legislation or guidance.

Practical Implications

  • This order signals legislative interest in ensuring EWA services are appropriately regulated, balancing consumer protection with access to earned wages.
  • Any resulting recommendations could lead to future bills clarifying licensing standards, reporting requirements, business practices, disclosure duties, and consumer protections for EWA providers.

Bottom Line

Senate Order S.3047 authorizes the Joint Committee on Financial Services to examine Senate Document 725 regarding licensing of earned wage access providers by the Division of Banks, with the aim of evaluating regulatory adequacy and informing potential future legislative action. The process is procedural and initiates a formal study rather than immediate regulatory changes.

Compiled from official sources — confirm details with the bill’s official record.

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