Oklahoma SB781 creates the Oklahoma Earned Wages Access Services Act, regulating earned wage access services providers.
Oklahoma SB781 establishes the Oklahoma Earned Wages Access Services Act, which governs earned wage access services providers. These providers must develop policies to address consumer questions and complaints, offer no-cost options for receiving proceeds, and inform consumers of material changes. Providers are prohibited from sharing fees with employers, requiring credit reports for eligibility, accepting credit card payments, or charging late fees. The act also exempts these services from being considered loans, credit, or money transmission. Effective date specified.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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