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 required and prohibited actions for providers of these services, emphasizing consumer rights, transparency in fees, and compliance with privacy laws. Providers must develop policies for consumer inquiries, disclose fees, allow service cancellation without penalty, and provide options for no-cost access to proceeds.

Additionally, the bill mandates annual reporting by providers to the Office of Financial Institutions, detailing revenue, transaction numbers, and consumer complaints. The attorney general is given enforcement authority under the Unfair Trade Practices and Consumer Protection Law, with penalties for non-compliance, including the nullification of agreements if annual reports are not submitted on time. The first report is due by March 1, 2027. This legislation aims to regulate earned wage access services, ensuring consumer protection and transparency in the industry.