❌ SB117
Regulate the provision of earned wage access services
Summary
This bill regulates the provision of earned wage access services in Ohio, requiring companies to obtain a certificate of registration to operate. It establishes definitions for key terms, outlines application and renewal processes, mandates consumer protections, and prohibits certain practices by providers. The bill also allows for the assessment of fees to cover administrative costs associated with the regulation.
Rationale
The bill imposes regulatory requirements on businesses providing earned wage access services, which conflicts with the Libertarian principles of minimal government intervention in economic activities. Both the LP and LPO platforms advocate for free markets and oppose government mandates that interfere with voluntary agreements between individuals and businesses.
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 leading to less competition