Bill > SB2496

This bill establishes the Mississippi Earned Wage Access Services Act, which creates a regulatory framework for companies that provide early access to workers' earned but unpaid income. The legislation defines key terms like "earned wage access services" as a business that helps consumers access wages they've already earned before their regular payday. The bill requires providers to follow several consumer protection measures, including fully disclosing fees, allowing consumers to cancel services without charge, providing at least one no-cost option for accessing funds, and ensuring clear communication about voluntary tips or donations. Providers are prohibited from engaging in debt collection practices, reporting consumer information to debt collectors, charging late fees or interest, or using credit cards for repayment. The bill also mandates that providers comply with privacy laws and electronic fund transfer regulations, and they must reimburse consumers for any overdraft fees caused by the provider's payment attempts. Notably, the act specifically excludes banks, credit unions, and other financial institutions from its provisions and is set to be in effect from July 1, 2025, with an automatic repeal on June 30, 2025, suggesting it is intended as a temporary regulatory measure to evaluate the earned wage access service industry.

Business and Industry

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2496.xml