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FL S0422
Bill
AI Summary
- Creates the "Florida Earned Wage Access Services Act" (Chapter 437, F.S.), requiring providers of earned wage access services—businesses that deliver consumers access to earned but unpaid income before payday—to register with the Financial Services Commission
- Providers must offer at least one no-cost option for consumers to receive proceeds when fees or tips are solicited, clearly disclose all fees before entering agreements, and allow consumers to cancel services at any time without a cancellation fee
- Prohibits providers from charging late fees, interest, or penalties for failure to repay; reporting consumers to credit agencies or debt collectors for nonpayment; requiring credit checks for eligibility; or using lawsuits or third-party collectors to compel repayment
- Earned wage access services are explicitly excluded from being classified as loans, credit, money transmission, or payroll deductions under state law, and associated fees are not considered interest or finance charges
- The Financial Services Commission must prescribe the registration application form by January 1, 2026; providers operating before January 1, 2025, may continue without registration until July 1, 2026, provided they submit an application and otherwise comply with the act
Legislative Description
Earned Wage Access Services
Last Action
Died in Banking and Insurance
6/16/2025
Full Bill Text
No bill text available