The proposed bill establishes the "Earned Wage Access Services Act" under a new chapter in the Arkansas Code, specifically Chapter 52, which focuses on consumer protection. This act aims to regulate the provision of earned wage access services, which allow consumers to access their earned but unpaid income. The bill includes definitions for key terms such as "consumer," "provider," "earned but unpaid income," and "earned wage access services," outlining the responsibilities and rights of both consumers and providers. It also sets forth guidelines for providers to ensure transparency, including the requirement to disclose fees and provide options for consumers to access proceeds at no cost.

Additionally, the bill prohibits certain practices by providers, such as misleading consumers about the voluntary nature of tips and donations, and it restricts the collection methods for outstanding proceeds. Providers are required to comply with privacy laws and must not engage in practices that could be deemed as lending or debt collection. The act does not apply to corporations organized under banking or credit union laws, thereby focusing its regulations on non-bank entities offering these services. Overall, the bill aims to create a framework that protects consumers while allowing them access to their earned wages in a responsible manner.