OH HB553

Creates a new regulatory framework for earned wage access (EWA) services in Ohio, requiring companies to register with the Superintendent of Financial Institutions and maintain a net worth of at least $50,000.

Requires providers to offer at least one no-cost option to obtain proceeds, fully disclose all fees, and allow consumers to cancel services without penalty or cancellation fees.

Prohibits providers from sharing fees with employers, requiring credit checks for eligibility, charging late fees or penalties, reporting to credit agencies, or using collection agencies for unpaid amounts.

Mandates providers offer consumers at least one reasonable no-cost option to receive proceeds and clearly disclose that tips and donations are voluntary and do not affect service eligibility or amounts.

Establishes that EWA services are not loans, credit transactions, or money transmission services and exempts compliant providers from existing consumer lending regulations in Ohio law.