MS HB1123

Requires earned wage access service providers to offer proceeds on a nonrecourse basis, prohibiting civil suits, third-party collection, or debt sales to recover unpaid amounts (except for fraudulent transactions).

Prohibits mandatory fees directly tied to earned wage access services and bans late fees, interest, penalties, credit score requirements, and reporting to credit agencies for payment failures.

Requires written disclosures to consumers outlining service terms, nonmandatory payment options, and Attorney General complaint procedures before providing services.

Exempts banks, trust companies, savings associations, savings banks, and credit unions chartered in Mississippi or under federal law from the act's requirements.

Effective July 1, 2023, with authority granted to the Attorney General to conduct investigations and civil actions for violations; municipalities may enact compliant but not more restrictive ordinances.