Bill > SB1469

This bill, known as the Oklahoma Earned Wage Access Services Act, establishes regulations for companies that provide early access to earned wages, defining "earned wage access services" as allowing consumers to receive a portion of their already earned but unpaid income before their regular payday. The Department of Consumer Credit will administer and enforce this act, requiring providers to obtain a license and establish rules for their operations. Key provisions include the requirement for providers to clearly disclose all fees, offer at least one no-cost option for accessing funds, and not exceed a certain limit on outstanding advances for consumers in a single transaction, with a real-time verification system to track this. Providers are also prohibited from using credit reports to determine eligibility, charging late fees or interest, or reporting unpaid amounts to credit bureaus or debt collectors, though they can pursue payment for funds obtained through fraud. The act clarifies that these services are not considered loans or money transmission and exempts traditional financial institutions. This legislation is set to become effective on November 1, 2026.

Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1469&Session=2600