Senate Bill 442 - Earned Wage Access Services Act

• Establishes regulatory framework in North Carolina for earned wage access (EWA) service providers to advance employees portions of already-earned wages prior to scheduled payday, with amounts deducted from next paycheck.

• Requires EWA service providers to register with the North Carolina Commissioner of Banks, paying $1,000 nonrefundable registration fee (renewable every 3 years) plus costs for background checks and credit reports.

• Permits providers to charge disclosed fees for services but clarifies that EWA services are not lending and fees are not interest, superseding other state laws on this matter.

• Mandates written consumer authorization and employer consent, with employers prohibited from sharing wage information with EWA providers without consumer advance consent.

• Authorizes Commissioner to examine providers, receive consumer complaints, assess civil penalties up to $1,000 per violation ($10,000 if willful), suspend/revoke registrations, and order restitution for violations; nonompliance deemed unfair or deceptive trade practice.

• Effective date: May 1, 2024.