Minnesota HF2874 regulates earned wage access services, requiring licensing and setting operational standards.

Minnesota HF2874 introduces regulations for earned wage access services, requiring providers to obtain a license from the commissioner. Providers must adhere to specific requirements, including developing policies to address consumer complaints, maintaining accurate records, and complying with privacy laws. The bill prohibits certain practices, such as charging fees exceeding $7, sharing fees with employers, and requiring credit reports for eligibility. Providers must also clearly disclose fees and the voluntary nature of tips or donations.

Minnesota HF2874 regulates earned wage access services, requiring licensing and setting operational standards.

Minnesota HF2874 introduces regulations for earned wage access services, requiring providers to obtain a license from the commissioner. Providers must adhere to specific requirements, including developing policies to address consumer complaints, maintaining accurate records, and complying with privacy laws. The bill prohibits certain practices, such as charging fees exceeding $7, sharing fees with employers, and requiring credit reports for eligibility. Providers must also clearly disclose fees and the voluntary nature of tips or donations.