SC LEG Earned Wage Access Services


On May 15, SC LEG passed bill on earned wage access services act.


  • SC LEG passed bill S 700 establish South Carolina Earned wage access services act.
  • Specifies requirements and limitations for earned wage access services providers.
  • Adds new Article 8 to Ch. 5, Title 39, SC code of laws (SC LEG 39-5-810 through 890).
  • Bill Provisions
  • A person, including a person that is not physically located in State, may not provide earned wage access in this State unless the person is registered as a provider.
  • Does not apply to any person doing business under authority of and as permitted by any law of this State or US re banks, credit unions, savings and loan associations.
  • A person required to be registered apply to the department for a registration on form.
  • Registration is annual and must be on a form; annual renewable period runs from May 1 to June 13, provider that files its renewal and annual report may continue operating.
  • Provider shall develop and implement policies and procedures to respond to questions raised by consumers and address complaints from consumers in an expedient manner.
  • Also, shall offer to the consumer at least one reasonable option to obtain proceeds at no cost to the consumer and clearly explain how to elect that no-cost option.
  • Provider to maintain records of its earned wage access services transactions, shall preserve records for 2 years after final date it provides proceeds to a consumer.
  • Must keep books and records that will enable the department to determine whether the provider is in compliance and must be able to readily produce if requested.
  • Legislative History
  • On Mar. 30, 2023, bill introduced in Senate; on Feb. 1, 2024, bill passed in Senate.
  • On Feb. 6, 2024, bill introduced in House; on May 9, 2024, bill passed in House.
  • On May 15, 2024, bill was ratified as R 188 and is pending delivery to the governor.
  • Effectiveness
  • Act takes effect six months after approval by the governor.
  • May 2024 SC LEG Governor Approval
  • On May 21, 2024, SC LEG reported governor approved bill, effective Nov. 21, 2024.

Regulators SC LEG
Entity Types Corp
Reference Bill, 5/21/2024; Bill, R188, S700, 5/15/2024; Citation: SC LEG 39-5;
Functions Compliance; Financial; Legal; Operations; Record Retention; Registration/Licensing; Reporting
Countries United States of America
Category
State
Products Corporate
Regions Am
Rule Type Final
Rule Date 5/15/2024
Effective Date 11/21/2024
Rule Id 212167
Linked to N/A
Reg. Last Update 5/21/2024
Report Section US Consumer

Last substantive update on 05/24/2024