Bill > HB05007

This bill aims to modify Connecticut's banking regulations to allow earned wage access (EWA) services provided by entities licensed by the Banking Commissioner. Earned wage access is a financial service that allows employees to access a portion of their already earned wages before their standard payday, typically through a mobile app or digital platform. The bill would create a regulatory framework for these services, requiring providers to obtain a license from the state's Banking Commissioner before offering such services. By creating this licensing mechanism, the bill seeks to provide a legal and controlled environment for EWA providers, which can help workers access their wages more flexibly while ensuring consumer protections are in place. The proposed change would be made to Title 36a of the Connecticut General Statutes, which covers banking and financial services regulations.

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https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05007&which_year=2025