Bill > H1391

This bill creates the Florida Earned Wage Access Services Act, establishing a comprehensive regulatory framework for companies that provide early access to earned wages. The legislation requires providers of earned wage access services to register with the Financial Services Commission, providing detailed information about their business and key personnel. Registered providers must develop consumer-friendly policies, including offering at least one no-cost option for accessing wages, clearly disclosing all fees, and allowing consumers to cancel services without penalty. The bill prohibits providers from sharing fees with employers, requiring credit checks, charging late fees, or reporting consumer payment information to credit agencies. Importantly, the bill clarifies that these services are not considered loans, money transmission, or traditional credit services, which helps create a legal pathway for innovative financial technology companies. Providers must also ensure voluntary tips are truly optional and cannot mislead consumers about the nature of these donations. The legislation includes administrative penalties for non-compliance, such as fines, certificate revocation, and cease-and-desist orders. The act will take effect on January 1, 2026, with a grace period for existing providers to register and adapt to the new regulatory requirements.

Business and Industry

https://www.flsenate.gov/Session/Bill/2025/1391