Senate Bill 15-101: Electronic Wage Payment

• Allows Colorado employers to pay wages via electronic credit transfer to employee bank accounts or through paycards, at employer discretion.

• Requires employers offering paycard payment to provide employees with written notice of the option to use electronic credit transfer instead, effective at the end of the first pay period.

• Mandates employers disclose all fees associated with both electronic transfer and paycard options, and provide at least two free ATM or electronic withdrawals per pay period.

• Requires paycard programs to charge no monthly maintenance fees and allow employees to switch to electronic credit transfer at any time or request paper check payment.

• Takes effect August 5, 2015, unless a referendum petition is filed, in which case voter approval at the November 2016 general election is required.