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Committee advances bill to regulate earned‑wage access, capping fees and defaulting tips to zero
Summary
The Banking and Financial Institutions committee held a public hearing on a substitute to House Bill 84 that would regulate earned‑wage access products by capping transaction fees at $5 and defaulting gratuity options to $0; the committee voted 6–1 to advance the substitute to rules after hearing testimony from fintech, consumer advocates and payroll professionals.
The Banking and Financial Institutions Committee advanced a substitute to House Bill 84 after a public hearing that featured competing testimony from fintech providers, consumer advocates and payroll representatives.
Representative Rhodes summarized the substitute, saying it removes the prior House Bill 84 text and inserts language that (1) defaults tip fields to $0 on earned‑wage access (EWA) apps and (2) caps any provider charge at $5 per transaction. "We put a cap on that and then set the tipping at default at 0," Representative Rhodes said while walking the committee through the changes.
Nick Stowell of Chime Financial described how the product would work in practice and emphasized that providers must offer a…
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