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 they comply with consumer rights, disclose fees, and provide options for consumers to access their earned income without incurring costs. The act also prohibits certain practices, such as requiring credit reports for eligibility and charging late fees for unpaid proceeds.

Additionally, the bill mandates that providers must develop policies to address consumer inquiries and complaints, offer at least one no-cost option for accessing proceeds, and ensure transparency in their service agreements. It also includes provisions to protect consumers from misleading practices and outlines the obligations of providers regarding the repayment of outstanding proceeds. Overall, the Earned Wage Access Services Act aims to create a regulatory framework that safeguards consumers while allowing them access to their earned wages in a responsible manner.