NJ S3102

Requires earned income access service providers (companies that advance workers their earned but unpaid wages before payday) to obtain a license from the New Jersey Department of Banking and Insurance, with annual renewal and fees set by the department.

Mandates that providers operate through contractual arrangements with employers, verify consumer earned income, and prohibits treating these services as loans unless they fail to comply with the act's requirements.

Establishes consumer protections including the right to cancel without charge, prohibition on requiring specific bank accounts, ban on credit reporting for repayments, and protection from liability if employer fails to meet payroll obligations.

Requires providers to file annual reports detailing transaction volumes, revenue from fees and voluntary payments, and uncollected amounts, with the department setting caps on average fees after reviewing these reports.

Imposes penalties of up to $5,000 for first violations and $15,000 for subsequent violations, prohibits licensing for individuals convicted of embezzlement, forgery, fraud, or theft within the preceding five years, and takes effect 120 days after enactment.