TX HB5462

Creates the Texas Earned Income Access Act (Chapter 398, Finance Code) to regulate "earned wage access" providers—companies that allow workers to receive a portion of their earned but unpaid wages before their regular payday

Requires earned income access providers to obtain a license from the Consumer Credit Commissioner, with application fees up to $375; exempts banks, credit unions, payroll service providers, and employers who directly offer early wage access to their own workers

Mandates that all earned income access transactions be nonrecourse, meaning providers cannot pursue debt collection or legal action against consumers for unpaid amounts, and prohibits reporting transactions to credit bureaus

Requires providers to offer at least one no-cost option for consumers to receive proceeds, prohibits late fees and prepayment penalties, and caps any mandatory transaction fees at amounts set by the commissioner

Establishes consumer protections including quarterly cost disclosures, prohibition on class action waivers, prohibition on pre-filled tip/donation amounts, and written notice of all fees expressed as an annual percentage rate before transactions

Creates a Class B misdemeanor offense for violations including operating without a license, making false statements in applications, or refusing to permit investigations; existing providers must obtain licenses by January 1, 2026