Texas SB3000 establishes consumer protections for earned wage access products.

Texas SB3000 amends the Finance Code to introduce consumer protections for earned wage access products. It defines "earned wage advance" as a cash advance based on wages or income not yet paid. Providers must assess a consumer's ability to repay before issuing an advance. Prohibited actions include charging more than 10% or $10 in fees per 30 days, providing multiple advances on the same day, and using aggressive collection practices. Providers must also reimburse consumers for overdraft fees incurred due to premature payment attempts.

Texas SB3000 establishes consumer protections for earned wage access products.

Texas SB3000 amends the Finance Code to introduce consumer protections for earned wage access products. It defines "earned wage advance" as a cash advance based on wages or income not yet paid. Providers must assess a consumer's ability to repay before issuing an advance. Prohibited actions include charging more than 10% or $10 in fees per 30 days, providing multiple advances on the same day, and using aggressive collection practices. Providers must also reimburse consumers for overdraft fees incurred due to premature payment attempts.