This bill updates Arizona's statutes by introducing a new chapter specifically regulating earned wage access services. It establishes licensing requirements for providers, including a $1,000 fee and adherence to operational guidelines that mandate clear consumer information regarding fees and rights. The bill defines key terms such as "earned but unpaid income" and "consumer-directed wage access services," thereby clarifying the scope of the services covered. It also outlines the responsibilities of licensed providers, including maintaining consumer privacy and prohibiting practices like requiring credit reports for service eligibility.

Additionally, the bill modifies current licensing provisions by allowing the division to deny renewal or revoke licenses based on criteria such as insolvency or failure to comply with reporting requirements. It requires licensees to obtain approval from the deputy director for mergers or acquisitions and classifies non-compliance as an unlawful practice, empowering the attorney general to take action. The deputy director is also granted rule-making authority for the chapter's implementation. The bill is designed to enhance consumer protection and establish a legal framework for earned wage access services, with immediate effectiveness upon the governor's signature and a two-thirds legislative vote.

Statutes affected:
Introduced Version: 6-126, 6-602, 6-1202, 44-281