summary
Introduced
05/06/2025
05/06/2025
In Committee
05/06/2025
05/06/2025
Crossed Over
Passed
Dead
Introduced Session
132nd Legislature
Bill Summary
This bill enacts the Maine Earned Wage Access Services Act, which does the following: 1. It establishes requirements and fees for the registration and reregistration of earned wage access services providers, which are businesses, unregulated under current law, that advance earned by unpaid income to consumers; 2. It establishes bond requirements for earned wage access services providers; 3. It establishes certain operating requirements for earned wage access services providers, including requirements regarding consumer disclosures, cancellation, privacy and information security and reimbursements to consumers; 4. It establishes prohibitions on certain actions by earned wage access services providers, including prohibitions regarding delivery fees, revenue sharing, requesting credit reports or scores, credit reporting and debt collection and payments by credit cards; 5. It requires an earned wage access services provider to maintain books and records for each consumer for whom the provider provides earned wage access services; 6. It provides the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation with certain authority to investigate complaints, adopt rules, appropriate funds and examine certain books and records of earned wage access services providers; 7. It establishes certain requirements related to advertising; and 8. It establishes enforcement mechanisms for the provisions of the Act.
AI Summary
This bill establishes the Maine Earned Wage Access Services Act, which creates a comprehensive regulatory framework for businesses that provide early access to employees' earned but unpaid income. The legislation requires earned wage access services providers to register with the state, obtain a $50,000 surety bond, and comply with a series of operational requirements designed to protect consumers. These requirements include providing clear disclosures about fees, offering at least one no-cost option for accessing wages, allowing easy cancellation of services, and protecting consumer privacy. The bill prohibits providers from charging excessive delivery fees (capped at $7), sharing revenue with employers, requiring credit reports, accepting credit card payments for repayment, reporting to credit agencies, or pursuing aggressive debt collection methods. Providers must maintain consumer records for four years and are subject to oversight by the Superintendent of Consumer Credit Protection, who can investigate complaints, conduct examinations, and take enforcement actions including cease and desist orders, civil penalties up to $5,000, and potential revocation of the provider's registration. Importantly, the law clarifies that these services are not considered loans, credit, or money transmission, thus creating a distinct legal category for this emerging financial service.
Committee Categories
Health and Social Services
Sponsors (7)
Charles Skold (D)*,
Marshall Archer (D),
Richard Bradstreet (R),
Ed Crockett (D),
Jill Duson (D),
Amy Roeder (D),
Mike Tipping (D),
Last Action
Carried over, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800. (on 06/25/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1915&snum=132 |
| BillText | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=HP1276&item=1&snum=132 |
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