Senate committee adopts consumer-protection amendment, advances earned wage access bill 7-1

The Indiana Senate Insurance and Financial Institutions Committee voted 7-1 to advance House Bill 1125 after adopting a substantial amendment from Senator Walker that committee members and stakeholders said adds multiple consumer protections for earned wage access (EWA) services.

Senator Walker, presenting the amendment, said it was negotiated with committee members, industry representatives and consumer advocates and described the main changes as new consumer safeguards, fee limits and data restrictions. "It clarifies that an EWA cannot report consumer activity to a consumer reporting agency," Walker said. He told the panel the amendment also "establishes limits on any fees for expedited service to the greater of $5 or 5%," aligns provider penalties with existing code, requires that a no-cost option be displayed in the same color, font size and general location as any expedited option, and that a delivery…