Bill > HB152

This bill creates a comprehensive regulatory framework for earned wage access services in Ohio, establishing clear definitions, registration requirements, and operational guidelines for providers. The bill defines key terms such as "earned wage access services" as businesses that provide early access to wages, and sets up a registration process with the Division of Financial Institutions requiring companies to pay fees, undergo background checks, and maintain a minimum net worth of $50,000. Providers must offer at least one no-cost option for accessing wages, fully disclose fees and terms, allow consumers to cancel services without penalty, and comply with privacy and information security laws. The bill prohibits providers from sharing fees with employers, requiring credit reports, charging late fees, or attempting to compel payment through legal action or debt collection. Providers must also maintain detailed records and submit annual reports to the state, and the bill explicitly states that earned wage access services are not considered loans, credit, or money transmission. The legislation aims to protect consumers by ensuring transparent, fair, and low-cost access to earned but unpaid income, while providing a clear regulatory structure for companies offering these services in Ohio.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/hb152