HB 2086 Summary

• Enacts the "Oklahoma Earned Wage Access Services Act" to regulate providers offering early access to earned but unpaid wages to consumers in Oklahoma.

• Requires providers to offer at least one no-cost option for accessing proceeds, clearly disclose all fees, obtain consumer consent before implementing changes, and allow cancellation without penalty fees.

• Prohibits providers from sharing fees with employers, requiring credit checks for eligibility, charging late fees or penalties for non-payment, reporting to credit agencies, or pursuing collection through lawsuits or third-party collectors.

• Mandates providers comply with federal Electronic Fund Transfer Act requirements and reimburse consumers for overdraft fees caused by provider payment attempts, except for fraudulent transactions.

• Specifies earned wage access services are not loans, credit, money transmission, or subject to payroll deduction laws; exempts banks and credit unions; becomes effective November 1, 2025.