Bill > S1119

This bill establishes the Idaho Earned Wage Access Services Act, which creates a comprehensive regulatory framework for companies providing early wage access services. The bill requires providers of these services to obtain a license from the Idaho Department of Finance, with detailed application and renewal processes. Providers must meet specific requirements, including developing consumer complaint procedures, offering at least one no-cost option for accessing earned wages, and fully disclosing fees and terms. The legislation defines key terms like "earned wage access services" and "provider," and prohibits certain practices such as reporting consumer information to credit agencies or charging late fees. The bill explicitly states that these services are not considered loans or money transmission, and providers are limited in how they can pursue repayment. Providers must maintain detailed records, submit annual reports to the director, and comply with privacy and information security laws. The director of the Department of Finance is granted broad investigative and enforcement powers, including the ability to issue cease and desist orders, levy civil penalties up to $1,000 per violation (with a maximum of $25,000), and conduct examinations of licensed providers. The act includes provisions for license suspension or revocation and provides a six-month grace period for existing providers to apply for licensing.

Business and Industry, Justice

State Affairs Committee (S)

https://legislature.idaho.gov/sessioninfo/2025/legislation/S1119/