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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to earned wage access services; 2
creating ch. 437, F.S.; creating s. 437.01, F.S.; 3
providing a short title; creating s. 437.02, F.S.; 4
providing definitions related to earned wage access 5
services; creating s. 437.03, F.S.; requiring 6
providers to register with the Financial Services 7
Commission; providing registration requirements; 8
specifying mechanisms by which registrations may be 9
denied, not renewed, or revoked; creating s. 437.04, 10
F.S.; providing requirements with which a provider 11
must comply; prohibiting certain acts by a provider; 12
creating s. 437.05, F.S.; specifying the interplay 13
between earned wage access services provided by a 14
provider and operation of other state laws related to 15
those services; creating s. 437.06, F.S.; providing 16
administrative remedies and penalties; authorizing the 17
Financial Services Commission to adopt rules; 18
requiring the commission, by a date certain, to 19
prescribe form and content of the applications; 20
providing for situations in which a person has 21
previously provided earned wage access services; 22
specifying applicability of certain provisions; 23
providing a contingent effective date. 24
25
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
Be It Enacted by the Legis lature of the State of Florida: 26
27
Section 1. Chapter 437, Florida Statutes, of sections 28
437.01-437.06, is created to read: 29
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Chapter 437 31
Earned Wage Access Services 32
437.01 Short title. —This chapter shall be cited as the 33
"Florida Earned Wage Access S ervices Act." 34
437.02 Definitions. —As used in this chapter, the term: 35
(1) "Applicant" means a provider that has submitted an 36
application for a certificate of registration under s. 437.03. 37
(2) "Business entity" means any corporation, limited 38
liability company, partnership, association, or other commercial 39
entity. 40
(3) "Commission" means the Financial Services Commission. 41
(4) "Consumer" means a person who resides in the state. 42
(5) "Consumer-directed earned wage access services" means 43
the business of delivering to consumers access to earned but 44
unpaid income that is based on the consumer's representations 45
and the provider's reasonable determination of the consumer's 46
earned but unpaid income. 47
(6) "Director" means a member of the applicant's or 48
registrant's board of directors. 49
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(7) "Earned but unpaid income" means salary, wages, 50
compensation, or other income that a consumer or an employer has 51
represented, and that a provider has reasonably determined has 52
been earned or accrued to the benefit of the consumer in 53
exchange for the consumer's provision of services to the 54
employer or on behalf of the employer, including on an hourly, 55
project-based, piecework, or other basis and including 56
circumstances in which the consumer is acting as an independent 57
contractor of the employer, but has not, at the time of the 58
payment of proceeds, been paid to the consumer by the employer. 59
(8) "Earned wage access services" means the business of 60
providing consumer-directed earned wage access services or 61
employer-integrated earned wage access services, or both. 62
(9)(a) "Employer," except as provided in paragraph (b), 63
means any of the following: 64
1. A person who employs a consumer. 65
2. Any other person who is contractually obligated to pay 66
a consumer earned but unpaid i ncome in exchange for the 67
consumer's provision of services to the employer or on behalf of 68
the employer including on an hourly, project -based, piecework, 69
or other basis and including circumstances in which the consumer 70
is acting as an independent contracto r with respect to the 71
employer. 72
(b) "Employer" does not include any of the following: 73
1. A customer of an employer. 74
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2. Any other person whose obligation to make a payment of 75
salary, wages, compensation, or other income to a consumer is 76
not based on the provision of services by that consumer for or 77
on behalf of the person. 78
(10) "Employer-integrated earned wage access services" 79
means the business of delivering to consumers access to earned 80
but unpaid income that is based on employment, income, or 81
attendance data obtained directly or indirectly from an employer 82
(11)(a) "Fee," except as provided in paragraph (b), 83
includes any of the following: 84
1. A fee imposed by a provider for delivery or expedited 85
delivery of proceeds to a consumer. 86
2. A subscription or membership fee imposed by a provider 87
for a bona fide group of services that included earned wage 88
access services. 89
(b) "Fee" does not include a voluntary tip, gratuity, or 90
other donation. 91
(12) "Key officer" means chief executive officer, Chief 92
financial officer, and chief compliance officer. 93
(13) "Member," except as used in subsection (6), means a 94
person that has the right to receive upon dissolution, or has 95
contributed, 10 percent or more of the capital of an applicant 96
or registrant that is or ganized as a limited liability company. 97
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(14) "Outstanding proceeds" means proceeds remitted to a 98
consumer by a provider that have not yet been repaid to the 99
provider. 100
(15) "Partner" means a person that has the right to 101
receive upon dissolution, or has contributed, 10 percent or more 102
of the capital of an applicant or registrant that is organized 103
as a partnership. 104
(16) "Proceeds" means a payment to a consumer by a 105
provider that is based on earned but unpaid income. 106
(17)(a) "Provider," except as provid ed in paragraph (b), 107
means a business entity that is in the business of providing 108
earned wage access services to consumers. 109
(b) "Provider" does not include any of the following: 110
1. A service provider, such as a payroll service provider, 111
whose role may include verifying the available earnings but that 112
is not contractually obligated to fund proceeds delivered as 113
part of an earned wage access service. 114
2. An employer that offers a portion of salary, wages, or 115
compensation directly to its employees or inde pendent 116
contractors before the normally scheduled pay date. 117
(18) "Registrant" means a business entity that is 118
registered with the commission under s. 437.03. 119
437.03 Registration. — 120
(1) Each provider must register with the commission and 121
must provide: 122
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(a) Its legal business and trade name, mailing address, 123
and business locations. 124
(b) The full names and addresses of its partners, members, 125
or directors and key officers and the Florida agent of the 126
corporation. 127
(c) A statement documenting whether the provider is a 128
domestic or foreign corporation. 129
(d) The state and date of incorporation, the charter 130
number, and, if the provider is a foreign corporation, the date 131
it registered with the Department of State. 132
(e) The date on which the provider registered its 133
fictitious name if the provider is operating under a fictitious 134
or trade name. 135
(2) The commission shall issue a certificate evidencing 136
proof of registration which the provider must prominently 137
display at the provider's primary place of business. If the 138
provider conducts business on a website, the provider must also 139
post its registration number on the website. 140
(3) A registration must be renewed biennially on or before 141
the expiration date. In or der to establish staggered expiration 142
dates, the commission may extend the expiration date of a 143
registration for a period not to exceed 12 months. 144
(4) A registration issued under this chapter is not 145
assignable and the provider may not conduct business un der more 146
than one name except as registered. A provider desiring to 147
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
change its registered name, location, or designated agent for 148
service of process at a time other than upon renewal of 149
registration must notify the commission of the change. 150
(5) The commission may deny, refuse to renew, or revoke 151
the registration of any provider based on a determination that 152
the provider, or any of the provider's partners, members, or 153
directors and key officers: 154
(a) Has failed to meet the requirements for registration 155
as provided in this chapter; 156
(b) Has been convicted of a crime involving fraud, 157
dishonest dealing, or any other act of moral turpitude; 158
(c) Has not satisfied a civil fine or penalty arising out 159
of any administrative or enforcement action brought by any 160
governmental agency or private person based upon conduct 161
involving fraud, dishonest dealing, or a violation of this 162
chapter; 163
(d) Has any pending criminal, administrative, or 164
enforcement proceedings in any jurisdiction, based on conduct 165
involving fraud, dishonest dealing, or any other act of moral 166
turpitude; or 167
(e) Has had a judgment entered against the provider in any 168
action brought by the commission or the Department of Legal 169
Affairs under this chapter or under ss. 501.201 -501.213, the 170
Florida Deceptive and Unfair Trade Practices Act. 171
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(6) The commission shall deny or refuse to renew the 172
registration of a provider or deny a registration or renewal 173
request by any of the provider's partners, members, or directors 174
and key officers if the provider has not s atisfied a civil 175
penalty or administrative fine for a violation of s. 437.04. 176
437.04 Provider requirements; limitations. — 177
(1) A provider that is registered under s. 437.03 must: 178
(a) Develop and implement policies and procedures to 179
respond to questions raised by consumers and address complaints 180
from consumers in an expedient manner. 181
(b) Offer to the consumer at least one reasonable option 182
to obtain proceeds at no cost to the consumer and clearly 183
explain how to elect that no -cost option. 184
(c) Before entering into an agreement with a consumer for 185
the provision of earned wage access services: 186
1. Inform the consumer of his or her rights under the 187
agreement. 188
2. Clearly disclose all fees associated with the earned 189
wage access services. 190
(d) Inform the consumer of any material changes to the 191
terms and conditions of the earned wage access services before 192
implementing those changes for that consumer. 193
(e) Allow the consumer to cancel use of the provider's 194
earned wage access services at any time without incurring a 195
cancellation fee or penalty imposed by the provider. 196
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(f) Comply with all applicable local, state, and federal 197
privacy and information security laws. 198
(g) If a provider solicits, charges, or receives a tip, 199
gratuity, or other donation from a consumer: 200
1. Clearly and conspicuously disclose to the consumer 201
immediately before each transaction that a tip, gratuity, or 202
other donation amount may be zero and is voluntary. 203
2. Clearly and conspicuously disclose in its service 204
contract with the cons umer that tips, gratuities, or donations 205
are voluntary and that the offering of earned wage access 206
services, including the amount of proceeds a consumer is 207
eligible to request and the frequency with which proceeds are 208
provided to a consumer, is not conting ent upon whether the 209
consumer pays any tip, gratuity, or other donation or upon the 210
size of the tip, gratuity, or other donation. 211
(h) Provide proceeds to a consumer by any means mutually 212
agreed upon by the consumer and the provider. 213
(i) If the provider seeks repayment of outstanding 214
proceeds or payment of fees or other amounts owed or paid, 215
including voluntary tips, gratuities, or other donations, in 216
connection with the activities covered by this chapter, from a 217
consumer's depository institution, including by means of 218
electronic funds transfer: 219
1. Comply with applicable provisions of the federal 220
Electronic Funds Transfer Act of 1978, 15 U.S.C. 1693 et. seq., 221
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
and regulations adopted under the act. 222
2. Reimburse the consumer for the full amount of any 223
overdraft or insufficient funds fees imposed on a consumer by 224
the consumer's depository institution that were caused by the 225
provider attempting to seek payment of any outstanding proceeds, 226
fees, or other payments, in connection with the activities 227
covered by this chapter, including voluntary tips, gratuities, 228
or other donations, on a date before, or in an incorrect amount 229
from, the date or amount disclosed to the consumer. However, the 230
provider is not subject to the requirements in this s ubsection 231
with respect to payments of outstanding amounts or fees incurred 232
by a consumer through fraudulent or other unlawful means. 233
(2) A provider registered under s. 437.03 may not: 234
(a) Share with an employer a portion of any fees, 235
voluntary tips, gratuities, or other donations that were 236
received from or charged to a consumer for earned wage access 237
services. 238
(b) Require a consumer's credit report or a credit score 239
provided or issued by a consumer reporting agency to determine a 240
consumer's eligibilit y for earned wage access services. 241
(c) Accept payment of outstanding proceeds, fees, 242
voluntary tips, gratuities, or other donations from a consumer 243
by means of a credit card or charge card. 244
(d) Charge a late fee, deferral fee, interest, or any 245
other penalty or charge for failure to pay outstanding proceeds, 246
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
fees, voluntary tips, gratuities, or other donations. 247
(e) Report to a consumer reporting agency or debt 248
collector any information about the consumer regarding the 249
inability of the provider to be re paid outstanding proceeds, 250
fees, voluntary tips, gratuities, or other donations. 251
(f) Compel or attempt to compel payment by a consumer of 252
outstanding proceeds, fees, voluntary tips, gratuities, or other 253
donations to the provider through any of the follow ing means: 254
1. A suit against the consumer in a court of competent 255
jurisdiction. 256
2. Use of a third party to pursue collection from the 257
consumer on the provider's behalf. 258
3. Sale of outstanding amounts to a third -party collector 259
or debt buyer for colle ction from the consumer. 260
(g) If the provider solicits, charges, or receives tips, 261
gratuities, or other donations from a consumer; misleads or 262
deceives consumers about the voluntary nature of the tips, 263
gratuities, or donations; or makes representations th at tips, 264
gratuities, or other donations benefit any specific individuals. 265
(3) The limitations set forth in paragraph (2)(f) do not 266
preclude the use by a provider of any of the methods specified 267
in paragraph (2)(f) to compel payment of outstanding amounts or 268
fees incurred by a consumer through fraudulent or other unlawful 269
means, nor do they preclude a provider from pursuing an employer 270
for breach of its contractual obligations to the provider. 271
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(4) A provider may use the mailing address provided by a 272
consumer to determine the consumer's state of residence for 273
purposes of this chapter. 274
437.05 Interoperation; applicability. — 275
(1)(a) Notwithstanding any other provision of law to the 276
contrary, any earned wage access services offered or provided by 277
a provider in compliance with this chapter is not considered: 278
1. A violation of or noncompliance with s. 516.17 or any 279
other general law governing the sale or assignment of, or an 280
order for, earned but unpaid income. 281
2. A loan or other form of credit or debt, a nd the 282
provider is not considered a creditor, debt collector, or 283
lender. 284
3. A money transmission, and the provider is not 285
considered a money transmitter, as defined in s. 560.103(24). 286
(b) Notwithstanding any other law, fees paid to a provider 287
in accordance with this chapter are not considered interest or 288
finance charges. If there is a conflict between the provisions 289
of this chapter and any other general law, the provisions of 290
this chapter control. 291
(2) Chapter 516 does not apply to proceeds a provider 292
provides to a consumer in accordance with this chapter. 293
(3) A voluntary tip, gratuity, or other donation paid by a 294
consumer to a registrant in accordance with this chapter may not 295
be considered a finance charge. 296
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437.06 Administrative remedies; penalties.— 297
(1) If the commission finds that a provider has violated 298
this chapter or any rules adopted or orders issued under this 299
chapter, the commission may enter an order doing one or more of 300
the following: 301
(a) Issue a notice of noncompliance under s. 120.695. 302
(b) Impose an administrative fine in the Class II category 303
under s. 570.971 for each act or omission. 304
(c) Direct that the provider cease and desist specified 305
activities. 306
(d) Refuse to re-register the provider or revoke or 307
suspend a registration. 308
(e) Place the provider on probation, subject to conditions 309
specified by the commission. 310
(2) The administrative proceedings that could result in 311
the entry of an order imposing any of the penalties specified in 312
subsection (1) are governed by cha pter 120. 313
Section 2. Upon this act becoming law, the Financial 314
Services Commission is authorized, and all conditions are deemed 315
met, to adopt rules pursuant to ss. 120.536(1) and 120.54, 316
Florida Statutes. No later than January 1, 2025, the commission 317
shall prescribe the form and content of an application for 318
registration to provide earned wage access services pursuant to 319
this act. 320
Section 3. An individual who, as of January 1, 2023, was 321
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engaged in the business of providing earned wage access service s 322
in the state may, until July 1, 2025, continue to engage in the 323
business of providing earned wage access services without 324
registering if the individual has submitted an application for 325
registration under s. 437.03, Florida Statutes, and otherwise 326
complies with this act. 327
Section 4. Section 437.04 (1)(b), Florida Statutes, as 328
created by this act, first applies, with respect to a provider 329
that offers proceeds to a consumer under the terms of an 330
agreement that specifies the consumer's cost of obtaining 331
proceeds, to any agreement entered into, renewed, or modified on 332
or after January 1, 2025. 333
Section 5. Except as otherwise expressly provided in this 334
act and except for this section, which shall take effect upon 335
this act becoming a law, this act shall tak e effect January 1, 336
2025. 337