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Committee recommends 'ought not to pass' for earned-wage-access bill while stakeholders finalize MOUs
Summary
After hearing that industry groups and the superintendent are negotiating memoranda of understanding and collecting operational data, the committee voted that LD 1915 (regulating earned-wage-access providers) ought not to pass to allow more time for stakeholder work and agency review.
Representatives of earned-wage-access providers, industry counsel and the Bureau of Consumer Credit Protection told the committee they are continuing technical discussions and have entered memoranda of understanding with the superintendent in several cases. Linda Conte said MOUs provide operational transparency and specified reporting — for example, transaction counts and gross revenue — that the bureau uses to estimate comparable APRs.
Committee members concluded that more stakeholder work would be productive and voted 'ought not to pass' on LD 1915, encouraging the parties to finalize MOUs and report findings in the next session. The roll call recorded 10 members in favor and 0 opposed.
