Bill > SB137

This bill establishes a comprehensive regulatory framework for Earned Wage Access (EWA) services in Delaware, creating a new chapter in the state's legal code to govern these financial services. The bill requires providers of EWA services to obtain a license from the State Bank Commissioner, pay annual fees, and meet specific operational requirements. Key provisions include mandating that providers fully disclose fees, allow consumers to cancel services without cost, offer at least one no-cost option for accessing wages, and prohibit aggressive collection practices. The legislation defines EWA services as a method for workers to access already earned wages before their scheduled payday, and explicitly states that these services are not loans, credit, or money transmission. Providers are prohibited from requiring credit scores, charging late fees, or using credit cards for repayment. The bill also establishes consumer protections such as requiring clear disclosure of voluntary tips or donations, preventing providers from sharing consumer fees with employers, and mandating reimbursement for any overdraft fees caused by the provider's payment attempts. Ultimately, the legislation aims to regulate this emerging financial technology while protecting consumer interests by establishing clear guidelines for EWA service providers operating in Delaware.

Business and Industry

https://legis.delaware.gov/BillDetail?LegislationId=142264