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Committee hears competing views on earned-wage access; bill held for amendment
Summary
House Bill 1125, which would create a licensing and oversight framework for earned-wage-access (EWA) providers, drew mixed testimony from consumer advocates and industry; the committee held the bill for amendment and further conversation.
The House Financial Institutions Committee heard testimony on House Bill 1125, a bill to license and regulate earned-wage-access (EWA) providers that allow workers to access wages they have already earned before scheduled payday. The committee deferred action and will hold the bill for amendment next week.
Sponsor remarks and bill summary: Chairman Teschka (presenting) described HB 1125 as a measure to create a regulatory structure around a product already in use by hundreds of thousands of Hoosiers. The bill would require licensing of providers, ban credit checks and credit reporting for EWA transactions, prohibit late fees and interest, require at least one cost-free delivery option (typically ACH), and give the Department of…
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