The "Idaho Earned Wage Access Services Act" introduces a new chapter to Title 26 of the Idaho Code, establishing a regulatory framework for earned wage access service providers. The legislation requires these providers to obtain a license to operate in Idaho and includes definitions of relevant terms, the licensing process, and qualifications for applicants. It clarifies that earned wage access services will not be classified as loans or money transmission, thus defining their legal status. The bill also mandates annual reporting for licensees, detailing revenue, transactions, and consumer interactions, while outlining procedures for license application approval, renewal, and reinstatement.

Furthermore, the bill grants the Director of the Department of Finance significant authority to regulate and examine licensees, including the power to issue subpoenas and conduct on-site examinations. It emphasizes consumer rights by requiring providers to disclose all fees, develop complaint policies, and allow service cancellations without penalties. The legislation prohibits certain practices, such as sharing fees with employers and imposing late fees, while establishing civil penalties for violations. Overall, the bill aims to enhance transparency and accountability in the earned wage access industry, ensuring consumer protection and regulatory oversight.