Bill > HB3827

This bill: 1. Requires earned wage access services providers to obtain an occupational license from the consumer credit commissioner to offer or provide such services in Texas. The license application process includes requirements like maintaining a minimum level of net assets, posting a surety bond, and paying licensing and investigation fees. 2. Authorizes the commissioner to investigate and enforce compliance with the new regulations, including through the assessment of administrative penalties and the suspension or revocation of licenses. 3. Establishes disclosure and contract requirements for earned wage access services, such as informing consumers of no-cost options, prohibiting certain debt collection practices, and ensuring the voluntary nature of any tips or gratuities. 4. Prohibits earned wage access services providers from engaging in various practices, including sharing consumer fees with employers, using credit cards to collect payments, and making false or misleading representations. 5. Grants the Finance Commission of Texas the authority to adopt rules to enforce the new chapter on earned wage access services. The bill aims to regulate this emerging financial services industry in Texas by implementing licensing, disclosure, and conduct requirements to protect consumers.