Senate Bill 2496 Summary

• Creates the Mississippi Earned Wage Access Services Act to regulate providers offering employees early access to earned but unpaid wages or compensation.

• Requires providers to disclose all fees before agreements, inform consumers of material changes, allow cancellation without fees, and provide at least one no-cost option when offering paid delivery of proceeds.

• Prohibits providers from pursuing civil suits, making unsolicited calls, using third-party debt collectors, charging late fees or interest, selling debt to collectors, or reporting non-payment to debt collection agencies.

• Requires providers to comply with federal Electronic Fund Transfer Act provisions and reimburse consumers for overdraft fees caused by incorrect payment timing or amounts, except for fraudulent transactions.

• Exempts banks, trust companies, savings associations, credit unions, and similar financial institutions chartered and domiciled in Mississippi from the act's requirements; effective July 1, 2025.