Would require providers develop customer question, complaint policies, procedures.
Further, set out consumer disclosure obligations, cancellation, and no fee options.
Prohibits wage access service providers of initiating a civil suit against the consumer, making unsolicited telephone calls, using 3rd party collection of outstanding proceeds.
Also prohibits selling outstanding amounts to a third-party debt collector or purchaser.
Earned wage access service providers prohibited from requiring credit score to determine consumer's eligibility re fee sharing, tips, gratuities or other donations.
Requires earned wage access service providers who charge a fee for the use of their service to submit a public aggregate annual report to LOU Bank by Jul. 1 of each year.
Provides for enforcement by the Attorney General on earned wage access providers pursuant to the Unfair Trade Practices Act and the Consumer Protection law.
Makes transactions by providers who fail to timely file annual report absolutely null.
Legislative History
On Apr. 3, 2025, bill introduced in House; on May 19, 2025, amended bill passed.
On May 20, 2025, bill introduced in Senate; on Jun. 2, 2025, bill passed in Senate.
Effectiveness
If approved, the bill becomes effective on Aug. 1, 2025.
Jul. 2025 LOU LEG Bill Enactment
On Jul. 1, 2025, LOU LEG enacted HB 368 without governor's signature, as Act 496.
Regulators
LOU LEG
Entity Types
CNSM; Corp
Reference
Act 496, 7/1/2025; Bill HB368, 6/2/2025; Citation: LOU LEG -III-9XII-5-9;
