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Vermont committee agrees to rewrite H.99 on earned-wage access, will seek licensing and consumer protections
Summary
Lawmakers on the House Commerce & Economic Development Committee heard extensive debate on H.99, a bill addressing earned-wage access products, and agreed to a working group to redraft protections including licensing, APR disclosure and limits on loan stacking.
Members of the Vermont House Committee on Commerce & Economic Development on Feb. 6 debated H.99, a proposed bill to regulate earned-wage access products that let employees obtain pay before their scheduled payday, and agreed to form a working group to revise the draft language before deciding whether to advance it to the House floor.
Committee members framed the discussion around consumer benefits and risks. The committee chair opened the item by asking whether the proposal offered a net benefit to Vermonters and whether the committee could present a united position to the full House. Committee members broadly agreed the product could help people living paycheck to paycheck but expressed strong concern about potential consumer harms, including unclear fees, loan “stacking” and addictive use patterns.
Michael…
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