Bill > HB2086

This bill establishes the Oklahoma Earned Wage Access Services Act, which regulates a new financial service that allows workers to access a portion of their earned but unpaid wages before their regular payday. The bill provides comprehensive definitions for key terms like "consumer" (an Oklahoma resident), "provider" (a company offering wage access services), and "earned but unpaid income" (wages not yet paid but already earned). Providers of these services must develop consumer complaint procedures, offer at least one no-cost option for accessing wages, fully disclose fees, inform consumers of any service changes, and allow consumers to cancel services without penalty. The bill prohibits providers from sharing fees with employers, requiring credit checks, charging late fees, reporting consumers to credit agencies, or compelling payment through legal action or debt collection. Importantly, the bill explicitly states that these wage access services are not considered loans, credit, or money transmission, which helps clarify their legal status. The services must also comply with privacy and information security laws, and any tips or donations must be truly voluntary. The act will become effective on November 1, 2025, and will apply to earned wage access services provided to consumers in Oklahoma, with specific exemptions for traditional financial institutions like banks and credit unions.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2086&Session=2600