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Committee hears competing views on earned-wage access; bill to be held for amendment
Summary
Indianapolis — The House Financial Institutions Committee considered House Bill 1125, which would license and regulate earned-wage access providers, but the committee held the measure for amendment after hours of testimony from industry representatives, consumer advocates and regulators.
Indianapolis — The House Financial Institutions Committee on Wednesday considered House Bill 1125, legislation to create a licensing and oversight framework for earned-wage access (EWA) providers. Committee members did not vote; the bill was held for amendment and further review.
Representative Tescha Teschka, who presented the bill to the committee, said HB 1125 "creates the licensing structure for those EWA providers" and includes consumer protections such as bans on late fees, credit checks and credit reporting. "It also provides regulatory certainty for this burgeoning industry," he told the panel.
Supporters from the industry said regulated EWA can offer low-cost alternatives to higher-cost credit…
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