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 defines key terms related to earned wage access services, including "consumer," "earned but unpaid income," "provider," and "employer." It outlines the responsibilities of providers offering these services, ensuring that consumers have access to their earned income before the scheduled payday, while also mandating transparency regarding fees and consumer rights.

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 offer at least one no-cost option for accessing earned wages and must comply with privacy and information security laws. The act does not apply to entities organized under banking or credit union laws, thereby focusing on consumer protection in the context of earned wage access services.