MD HB1294

Requires earned wage access providers to obtain a consumer loan license under Title 11, Subtitle 2 of the Financial Institutions Article, with unlicensed providers subject to enforcement actions

Caps fees for earned wage access delivery at $5.00 for advances of $75 or less and $7.50 for advances over $75, and prohibits providers from charging interest, late fees, or penalties to consumers

Mandates that providers offer at least one no-cost option for earned wage access whenever they charge fees or solicit tips, and requires default tip amounts to be set at zero

Prohibits providers from reporting consumer payment failures to credit agencies, using credit reports to qualify consumers, or pursuing collection through lawsuits, third-party collectors, or debt buyers

Requires providers to reimburse consumers within 5 business days for any overdraft or nonsufficient fund fees caused by the provider's repayment attempts, and submit annual reports to the Office of Financial Regulation beginning July 1, 2026