Bill > SB2245

This bill creates a new chapter in the Texas Finance Code to regulate earned wage access services. The key provisions include: - Defining terms like "earned wage access services," "earned wage access services provider," "mandatory payment," and "nonrecourse." - Requiring earned wage access services providers to register with the Secretary of State and provide a disclosure statement to consumers before entering into a contract. - Prohibiting certain practices by providers, such as imposing mandatory payments, basing eligibility on credit scores, or reporting repayment failures to credit agencies. - Requiring providers to obtain a $10,000 surety bond or account to cover potential consumer claims. - Establishing criminal penalties, civil remedies, and a statute of limitations for violations of the new law. - Providing an effective date of September 1, 2023 and requiring existing providers to register by January 1, 2024.