Minnesota SF3281 regulates earned wage access services, requiring licensing and defining provider responsibilities.

Minnesota SF3281 introduces regulations for earned wage access services, requiring providers to obtain a license and adhere to specific guidelines. Providers must inform consumers of fees, allow fee-free options, and clearly disclose terms. They must also inform consumers of their rights under the agreement, allow cancellation without fees, and comply with privacy laws. Providers cannot charge certain fees, report consumer data to credit agencies, or compel payment through lawsuits or third parties.

Minnesota SF3281 regulates earned wage access services, requiring licensing and defining provider responsibilities.

Minnesota SF3281 introduces regulations for earned wage access services, requiring providers to obtain a license and adhere to specific guidelines. Providers must inform consumers of fees, allow fee-free options, and clearly disclose terms. They must also inform consumers of their rights under the agreement, allow cancellation without fees, and comply with privacy laws. Providers cannot charge certain fees, report consumer data to credit agencies, or compel payment through lawsuits or third parties.