MS SB2648

Creates regulatory framework for earned wage access services in Mississippi, allowing consumers to receive payment of earned but unpaid wages before the next scheduled payday.

Requires providers to offer proceeds on a non-recourse basis, meaning they cannot sue consumers, use debt collectors, or sell debt to collection agencies for unpaid amounts or voluntary fees.

Prohibits mandatory fees directly related to the service, late fees, interest penalties, and credit score requirements, while allowing optional delivery fees and tips if at least one free option is available.

Requires providers to furnish written disclosures explaining terms, conditions, and voluntary payment options in plain language, and permit consumers to cancel service at any time without charges.

Exempts banks, credit unions, and savings associations from these requirements, and clarifies that earned wage access is not a loan or credit transaction subject to federal lending laws.