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Committee approves bill to clarify regulation, consumer protections for earned wage access
Summary
Chairman Trey Rhodes said the Banks & Banking Committee passed House Bill 241 to clarify how earned wage access services are regulated in Georgia and to add consumer protections.
Chairman Trey Rhodes said the Banks & Banking Committee passed House Bill 241 to clarify how earned wage access services (EWA) are regulated in Georgia and to add consumer protections.
The bill allows EWA providers that operate their advances as loans to fall under Georgia’s existing lending statutes and explicitly permits a convenience fee of up to $5 for advances structured as loans, provided the provider is licensed as a Georgia installment lender and complies with applicable law. "This bill provides regular regulatory clarity for certain types of earned wage access in Georgia and enhances consumer protections for our consumers," Chairman Trey Rhodes said.
Nick Stowell, representing Chime Financial, told the committee Chime’s product MyPay allows customers to access earned wages either for…
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