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Committee hears testimony on regulating earned-wage-access apps; advocates urge fee caps
Summary
The Ohio House Commerce and Labor Committee held a third hearing on House Bill 152, which would create a regulatory framework for earned-wage-access services. Danielle Veil Leon Spires of the Ohio Poverty Law Center urged classifying app advances as credit, capping fees and tips, and adding stronger consumer protections.
The Ohio House Commerce and Labor Committee held the third hearing on House Bill 152, a proposal to regulate earned-wage-access (EWA) services, during which an advocacy witness urged the panel to treat many EWA products as consumer credit and cap optional fees and tips.
Danielle Veil Leon Spires, a policy advocate at the Ohio Poverty Law Center, told the committee the bill ‘‘creates a regulatory process for earned wage access under the Department of Financial Institutions’’ but also ‘‘creates a loophole for operating outside of applicable consumer lending laws.’’ She said the bill, as drafted, allows providers to avoid being treated as lenders and does not cap fees that consumers often pay when taking an advance.
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