WA SB5328

Requires licensing through the Department of Financial Institutions for businesses providing employer-integrated wage access services (early access to earned but unpaid wages), effective July 1, 2026

Caps fees at $5 per transaction and $10 total per calendar month, including transfer fees, subscription fees, and tips/gratuities

Mandates a minimum $50,000 surety bond scaled to transaction volume, annual reporting requirements, and submission of transaction data to a state-operated or third-party database

Authorizes the director to impose fines up to $100 per day per violation, suspend or revoke licenses, and issue cease and desist orders for non-compliance

Exempts banks, credit unions, savings institutions, employers paying workers directly before scheduled pay dates, and consumer-directed wage access services (which remain regulated under existing consumer loan laws in RCW 31.04)