An Act relative to financial technology services

This bill creates a new licensing system for companies offering "earned wage access services" in Massachusetts. It requires all providers of these services - businesses that let workers access earned but unpaid wages early - to obtain a license from the state banking commissioner. The law directly affects businesses offering this service to Massachusetts residents and defines key terms like "earned but unpaid income" (wages not yet paid by employers) and "provider." Exemptions cover traditional banks and credit unions, while the bill establishes application requirements, background checks, and fees for licensing.