Massachusetts H1119 regulates earned wage access services by requiring licensing and setting operational standards.

Massachusetts H1119 introduces licensing requirements for entities offering earned wage access services, ensuring they comply with state regulations. The bill defines key terms such as "earned wage access services" and "provider." It mandates that providers obtain a license from the commissioner of banks, who can deny licenses based on various criteria. Licensed providers must adhere to specific operational standards, including clear disclosure of fees and voluntary tips, prohibiting certain collection practices, and maintaining confidentiality of consumer information.

Massachusetts H1119 regulates earned wage access services by requiring licensing and setting operational standards.

Massachusetts H1119 introduces licensing requirements for entities offering earned wage access services, ensuring they comply with state regulations. The bill defines key terms such as "earned wage access services" and "provider." It mandates that providers obtain a license from the commissioner of banks, who can deny licenses based on various criteria. Licensed providers must adhere to specific operational standards, including clear disclosure of fees and voluntary tips, prohibiting certain collection practices, and maintaining confidentiality of consumer information.