Bill > HB576

This bill modifies state law to establish a comprehensive regulatory framework for earned wage access services (EWAS), which are services that allow workers to access their already-earned but not-yet-paid wages before their standard payday. The bill requires EWAS providers to register annually with the Missouri Division of Finance, pay a $1,000 registration fee, and submit detailed information about their business. Providers must develop consumer protection policies, including clear fee disclosures, privacy compliance, and mechanisms for addressing consumer complaints. The legislation prohibits providers from certain practices such as sharing consumer fees with employers, charging interest for unpaid proceeds, reporting consumer payment issues to credit agencies, or compelling repayment through legal action or debt collection. The bill explicitly defines EWAS as not being a loan, credit product, or money transmission service, which helps clarify the legal status of these financial services. Providers are required to maintain transaction records for at least two years and can face registration suspension, cease and desist orders, and potential criminal misdemeanor charges for knowingly violating the law's provisions. The bill exempts certain financial institutions like banks, credit unions, and other regulated lenders from these specific regulations and provides the state director of finance with authority to investigate and enforce the new rules.

Labor and Employment

https://house.mo.gov/Bill.aspx?bill=HB576&year=2025&code=R