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Lawmakers debate earned‑wage access regulation as supporters tout consumer protections and critics warn of loan‑like risks
Summary
Senate Bill 481 would license earned‑wage access providers, ban interest and credit checks on EWA transactions, require clear disclosures and at least one free access option, and place licensing with DCBS; testimony split between industry proponents and consumer‑protection opponents.
The Senate Committee on Labor and Business opened a public hearing Feb. 4 on Senate Bill 481, a sponsor‑led measure that would create a licensing and regulatory framework for earned‑wage access (EWA) services in Oregon and establish consumer protections.
Senator Mark Meek, sponsor of SB 481, told the committee the bill would not mandate EWA but would require providers to be licensed by the Department of Consumer and Business Services (DCBS) and would prohibit interest, late fees and penalties on EWA transactions, ban credit checks and credit reporting, and require clear disclosures and at least one free access option.
"Earned wage access allows workers to access wages they have already earned, providing an alternative to high cost financial options like payday loans," Meek said. He said the goal is to…
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