NY A00258

Creates a new licensing framework under the Banking Law for "earned income access providers" - companies that allow workers to access wages they have already earned before their regular payday

Caps fees at $5 for transactions of $75 or less, and $7 for transactions over $75, with providers required to offer at least one no-cost option for consumers to receive proceeds

Prohibits debt collection activities, late fees, credit checks, and credit reporting related to earned income access transactions, and makes all transactions non-recourse against consumers

Requires providers to be licensed by the Superintendent of Financial Services, with exemptions for banks, credit unions, and other federally-regulated financial institutions

Mandates annual data reporting by licensees and requires the Superintendent to publish aggregated analysis; beginning four years after enactment, allows the Superintendent to adjust fee caps by regulation based on collected data