MN HF2874

Requires earned wage access providers to obtain a license from the commissioner before offering services to Minnesota consumers, including providers operating entirely online

Caps fees at $7 per transaction for delivery or expedited delivery of proceeds, and requires providers to offer at least one no-cost option when charging fees or soliciting tips

Prohibits providers from charging late fees, interest, or penalties for non-payment; reporting consumers to credit agencies or debt collectors; suing consumers; or using third parties to collect outstanding amounts

Mandates providers reimburse consumers for overdraft or insufficient funds fees caused by the provider attempting collection on incorrect dates or amounts

Requires annual reporting to the commissioner by March 15, including gross revenue, total transactions, number of consumers served, and total fees/tips received