Bill > SB293

This bill establishes a comprehensive regulatory framework for earned wage access services (EWAS) in Missouri, creating a registration and oversight system for providers who offer consumers early access to wages they've already earned. The bill defines key terms like "consumer-directed wage access services" and "employer-integrated wage access services" and requires providers to register annually with the Missouri Division of Finance for a $1,000 fee. Providers must develop consumer-protection policies, including fully disclosing fees, protecting consumer privacy, and ensuring transparent voluntary tipping practices. The legislation prohibits providers from charging interest, reporting consumer repayment issues to credit agencies, requiring credit checks, accepting credit card payments for repayment, or using legal collection methods. Importantly, the bill classifies EWAS as not being a loan, credit product, or money transmission service, which provides regulatory clarity. Providers must maintain transaction records for two years and can face registration suspension or daily civil penalties of up to $1,000 for non-compliance. The bill exempts banks, credit unions, and certain regulated financial institutions from these requirements. Knowingly violating the provisions could result in a class A misdemeanor, and the bill explicitly states that its provisions will supersede any conflicting state statutes, creating a clear legal standard for earned wage access services in Missouri.

Justice

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=246