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GA HB84
Bill
Status
Engrossed
2/28/2023
Primary Sponsor
Trey Rhodes
Click for details
AI Summary
- Establishes a regulatory framework for earned wage access services under Georgia's Fair Business Practices Act of 1975, covering both consumer-directed and employer-integrated wage access models
- Caps consumer fees at $5.00 per transaction and requires providers to offer at least one no-cost option for receiving proceeds; default tips or gratuities must be set to $0.00
- Prohibits providers from charging late fees, interest, or penalties for failure to repay, and bars them from suing consumers, using third-party debt collectors, selling debts, or reporting nonpayment to credit reporting agencies
- Classifies compliant earned wage access services as neither lending activity nor money transmission under Georgia law, and specifies that permitted fees are not considered interest
- Applies to agreements entered into or renewed on or after July 1, 2024, with noncompliance treated as an unfair or deceptive act punishable under the Fair Business Practices Act
Legislative Description
Commerce and trade; provide for commercial financing disclosures
Last Action
Senate Read Second Time
3/20/2024
Committee Referrals
Banking and Financial Institutions3/1/2023
Banks and Banking1/30/2023
Full Bill Text
No bill text available