❌ HB152
Regulate the provision of earned wage access services
Summary
The bill regulates earned wage access services by requiring providers to obtain a certificate of registration, establish consumer protections, and comply with specific operational guidelines. It mandates background checks for key officers of providers, sets financial requirements for registrants, and outlines the fees associated with registration and compliance. The bill also specifies that earned wage access services are not considered loans or credit.
Rationale
The bill imposes regulatory requirements on earned wage access services, which conflicts with the Libertarian principles of minimal government intervention in economic activities and individual freedom to engage in voluntary transactions. It also establishes fees and operational controls that could be seen as government overreach, thus aligning poorly with both LP and LPO platforms.
Risks and Concerns
- Increased government control over financial services
- Potential for reduced access to earned wage access services for consumers
- Higher operational costs for providers may lead to increased fees for consumers