summary
Introduced
02/28/2025
02/28/2025
In Committee
03/07/2025
03/07/2025
Crossed Over
Passed
Dead
06/16/2025
06/16/2025
Introduced Session
2025 Regular Session
Bill Summary
An act relating to earned wage access services; creating s. 437.01, F.S.; providing a short title; creating s. 437.02, F.S.; defining terms; creating s. 437.03, F.S.; requiring providers to register with the Financial Services Commission; providing registration requirements; requiring a provider to display its registration certificate; providing for renewal of such certificate; providing requirements with which a provider must comply; specifying mechanisms by which registrations may be denied, not renewed, or revoked; requiring the commission to deny, refuse to renew, or revoke a registration certificate under certain circumstances; creating s. 437.04, F.S.; providing requirements with which a provider must comply; prohibiting certain acts by a provider; requiring a provider offering consumer-directed earned wage access services to comply with certain requirements; creating s. 437.05, F.S.; providing construction and applicability; creating s. 437.06, F.S.; providing administrative penalties; providing construction; authorizing the Financial Services Commission to adopt rules; requiring the commission, by a date certain, to prescribe the form and content of an application for registration; authorizing a person who previously provided earned wage access services to continue for a specified time without registering under certain conditions; specifying applicability; providing effective dates.
AI Summary
This bill establishes the "Florida Earned Wage Access Services Act," creating a comprehensive regulatory framework for businesses that provide early access to earned wages. The legislation requires providers of earned wage access services to register with the Financial Services Commission, submit detailed business information, and obtain a renewable certificate. 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 reports, using credit cards for repayment, charging late fees, or reporting consumer payment information to credit agencies. The law classifies earned wage access services as neither loans nor money transmission, providing legal clarity for these financial services. Providers are subject to administrative penalties for non-compliance, which can include fines, certificate suspension, or cease-and-desist orders. The bill allows existing earned wage access service providers until July 1, 2026, to register and come into compliance, with most provisions taking effect on January 1, 2026. The goal is to protect consumers while creating a regulated environment for innovative wage access services.
Sponsors (1)
Last Action
Died in Banking and Insurance (on 06/16/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2025/422 |
| BillText | https://www.flsenate.gov/Session/Bill/2025/422/BillText/Filed/HTML |
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