An act relating to regulating earned wage access services

This bill establishes a new regulatory framework for earned wage access services in Vermont, requiring companies that provide early access to employees' unpaid wages to register with the state's financial regulator. The law mandates that these providers offer services on a nonrecourse basis, meaning they cannot sue consumers or use debt collectors to recover funds if employees do not repay the advanced wages. Key provisions include requiring clear written disclosures about service terms and fees, prohibiting mandatory charges for accessing earned wages, and banning late fees or penalties on outstanding amounts. The bill also ensures consumers can cancel their participation at any time without fees and must receive a free option for accessing their funds.