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, such as ensuring transparency in fees, providing options for consumers to access their earned income at no cost, and complying with privacy laws. The act also prohibits certain practices, such as misleading consumers about the voluntary nature of tips and requiring credit reports for service eligibility.

Additionally, the bill specifies that providers cannot engage in practices that would classify them as lenders or debt collectors, provided they adhere to the outlined regulations. It emphasizes consumer rights, including the ability to cancel services without incurring fees and the requirement for providers to reimburse consumers for any overdraft fees caused by their actions. The act does not apply to entities organized under banking or credit union laws, ensuring that traditional financial institutions are not subject to these new regulations.