Maryland HB237 revises commercial law to prohibit lenders from accepting tips from consumers and mandates licensing for earned wage access providers.
Maryland HB237 amends commercial law to prohibit lenders from accepting tips from consumers and from suggesting that tips influence loan decisions. The bill mandates that earned wage access providers be licensed under the Financial Institutions Article. It also requires providers to offer at least one option for consumers to obtain earned wage access at no cost, clearly disclose fees, and inform consumers of any changes to terms and conditions before implementation.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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