S.B. No. 303 - Earned Wage Access Services Regulation

• Requires companies offering earned wage access services in Ohio to obtain a certificate of registration from the superintendent of financial institutions, with a $200 investigation fee and $300 annual registration fee.

• Mandates providers offer at least one no-cost option to obtain proceeds, fully disclose all fees, allow cancellation without penalties, and provide at least one reasonable free delivery method.

• Prohibits providers from sharing fees with employers, requiring credit checks, charging late fees or interest, reporting to credit agencies, or using aggressive collection tactics against consumers.

• Establishes that earned wage access services are not loans, credit products, or money transmission; fees are not interest charges; and registrants are not creditors or debt collectors.

• Requires annual reporting to the state on transaction volumes, fees collected, repayment rates, and other business metrics, with the superintendent maintaining regulatory oversight and enforcement authority.