OR SB481

Requires persons providing earned income access services (early wage access) in Oregon to obtain a license from the Director of the Department of Consumer and Business Services, with applications requiring fingerprints, background checks, and demonstration of financial responsibility

Caps fees at $7 per transaction and requires providers to offer at least one no-cost option for residents to access unpaid wages, while prohibiting late fees, interest charges, credit reporting of nonpayment, and use of debt collectors

Mandates consumer protections including clear disclosure of all fees and rights before agreements, compliance with federal Electronic Fund Transfer Act, reimbursement of overdraft fees caused by provider errors, and allowing cancellation at any time without penalty

Exempts financial institutions, bank holding companies, and persons conducting only one transaction per 12-month period from licensing requirements

Establishes civil penalties up to $2,500 per violation (maximum $10,000 for continuous violations), with provisions becoming operative January 1, 2026, and a 180-day grace period for existing providers who submit license applications