Missouri 2025 Regular Session

Missouri Senate Bill SB293

Introduced
1/8/25  

Caption

Modifies provisions relating to earned wage access services

Impact

The bill mandates that providers of earned wage access services must register with the Missouri Division of Finance, ensuring that these businesses are compliant with state regulations. They are required to maintain accurate records, comply with information security laws, and implement procedures that address consumer complaints. The annual registration fee is set at $1,000, and the legislation outlines penalties for non-compliance, including the potential for civil penalties and the suspension or revocation of registration.

Summary

Senate Bill 293 aims to establish regulations governing earned wage access services within Missouri. This legislation seeks to repeal an existing statute and replace it with new provisions that outline the definitions, requirements, and operational standards for businesses offering earned wage access services to consumers. The bill defines terms such as 'consumer', 'provider', and 'earned but unpaid income', and sets forth the framework for how these services should be regulated under state law.

Contention

Notable points of contention surrounding SB293 include concerns about consumer protection and the potential burden placed on service providers due to stringent registration and compliance requirements. Some advocates argue that while the bill is designed to protect consumers from predatory practices, the associated costs and regulatory compliance may disproportionately impact smaller businesses in the field. Additionally, there are discussions on whether the bill provides adequate safeguards for consumers concerning fees and repayment terms.

Additional_notes

SB293 positions itself as a key piece of legislation in the evolving landscape of financial services, particularly as earned wage access becomes a more commonly utilized option for employees seeking immediate payment for their work. The bill reflects a cautious approach toward regulating an emerging financial service while also addressing the need to protect consumers from potential exploitation.

Companion Bills

No companion bills found.

Previously Filed As

MO SB586

Regulates earned wage access services

MO SB103

Modifies provisions relating to judicial proceedings

MO SB708

Modifies provisions relating to civil actions

MO HB759

This bill relates to the Earned Wage Access Services

MO SB835

Modifies provisions relating to financial transactions

MO SB106

Modifies provisions relating to public health

MO SB45

Modifies provisions relating to health care

MO SB1134

Modifies provisions relating to ethics

MO SB1359

Modifies provisions relating to financial institutions

MO SB183

Modifies provisions relating to MO HealthNet eligibility and services

Similar Bills

AZ SB1582

Earned wage access; providers; license

AZ SB1273

Earned wage access; providers; license

FL H1009

Earned Wage Access Services

FL H1391

Earned Wage Access Services

ND HB1393

Earned wage access providers; and to provide a penalty.

DE SB137

An Act To Amend Title 5 Of The Delaware Code Relating To Earned Wage Access Services Providers.

NM HB59

Earned Wage Access Services Act

US HB7428

Earned Wage Access Consumer Protection Act