The proposed bill, General Assembly Proposed Bill No. 5007, seeks to amend title 36a of the general statutes to permit earned wage access services. This service would be provided by individuals or entities that are licensed by the Banking Commissioner. The intent of the bill is to create a legal framework for earned wage access, which allows employees to access their earned wages before the traditional payday.

The bill does not include any deletions from current law but introduces new legal language to establish the licensing requirement for providers of earned wage access services. This change aims to regulate the industry and ensure that only qualified entities can offer such financial services to employees, thereby promoting responsible access to earned wages.