The proposed legislation enacts Chapter 5 of Code Title XII of Code Book III of Title 9 of the Louisiana Revised Statutes, establishing the "Louisiana Earned Wage Access Services Act." This chapter defines key terms related to consumer-directed earned wage access services, including "consumer," "provider," and "earned but unpaid income." It outlines the responsibilities of providers, such as developing consumer complaint policies, disclosing fees, and allowing consumers to cancel services without penalty. Additionally, it prohibits certain practices by providers, including compelling repayment through legal action or unsolicited calls, and requires compliance with privacy laws.

The bill mandates that providers submit an annual report to the Office of Financial Institutions detailing their earned wage access services, including revenue, transaction numbers, and consumer complaints. This data will be made publicly available to assess the impact of these services in Louisiana. Enforcement of the chapter will be overseen by the attorney general, and failure to comply with reporting requirements can result in the invalidation of agreements made with consumers. The first report is due by March 1, 2027.