Bill > HB1113

This bill establishes a comprehensive regulatory framework for earned wage access services (EWAS) in Missouri, requiring providers to register with the state's division of finance and pay an annual $1,000 registration fee. The legislation defines key terms like "consumer", "earned but unpaid income", and "provider", and mandates that EWAS providers develop consumer-protection policies, including fully disclosing fees, informing consumers of service changes, and complying with privacy and information security laws. Providers are prohibited from sharing consumer fees with employers, charging interest for unpaid amounts, reporting consumer payment issues to credit agencies, requiring credit reports, accepting payment via credit card, or compelling repayment through legal action or debt collection. The bill classifies EWAS as not being a loan, credit, or money transmission service, and establishes that fees and voluntary tips are not considered interest. Providers must maintain transaction records for at least two years and can face registration suspension, cease and desist orders, and potential civil penalties up to $1,000 per day for non-compliance. Willful violations can result in a class A misdemeanor. The legislation aims to regulate and provide consumer protections for a growing financial service that allows workers to access earned wages before traditional payday.

https://house.mo.gov/Bill.aspx?bill=HB1113&year=2025&code=R