MS HB1307

Creates the Mississippi Earned Wage Access Services Act to establish requirements for earned wage access service providers, which allow consumers to access earned but unpaid income before the normal pay date.

Exempts compliant providers from being deemed to engage in lending, money transmission, or debt collection if they meet nine affirmative requirements including developing complaint procedures, fully disclosing fees, allowing free cancellation, and providing at least one no-cost option to receive proceeds.

Prohibits providers from engaging in seventeen prohibited practices including civil suits for repayment, unsolicited phone calls, third-party debt collection, reporting to credit agencies, charging late fees or interest, and misleading consumers about the voluntary nature of tips or gratuities.

Requires providers to comply with federal Electronic Fund Transfer Act protections and reimburse consumers for overdraft or insufficient funds fees caused by incorrect payment attempts, except for fraudulent transactions.

Exempts state-chartered and federally-chartered banks, trust companies, savings associations, and credit unions from the act's requirements and takes effect July 1, 2025.