WA HB1063

Requires earned wage access service providers to obtain a license from the Department of Financial Institutions beginning July 1, 2026, with a $30,000 minimum surety bond and background checks for officers and principals

Caps fees at $5.00 per transaction for delivery or expedited delivery of proceeds, adjusted for inflation every five years, and prohibits late fees, interest charges, subscription fees, and credit card payments for services

Mandates providers offer at least one no-cost option for consumers to receive proceeds, fully disclose all fees before agreements, and clearly state that tips/gratuities are voluntary and cannot affect service eligibility

Prohibits providers from reporting unpaid amounts to credit bureaus, using debt collectors, suing consumers for repayment, or requiring credit checks for eligibility

Classifies compliant earned wage access services as neither loans nor money transmission under state law, meaning fees and tips are not considered interest or finance charges