This bill enacts the Maine Earned Wage Access Services Act, which does the following:
1. It establishes requirements and fees for the registration and reregistration of earned wage access services providers, which are businesses, unregulated under current law, that advance earned by unpaid income to consumers;
2. It establishes bond requirements for earned wage access services providers;
3. It establishes certain operating requirements for earned wage access services providers, including requirements regarding consumer disclosures, cancellation, privacy and information security and reimbursements to consumers;
4. It establishes prohibitions on certain actions by earned wage access services providers, including prohibitions regarding delivery fees, revenue sharing, requesting credit reports or scores, credit reporting and debt collection and payments by credit cards;
5. It requires an earned wage access services provider to maintain books and records for each consumer for whom the provider provides earned wage access services;
6. It provides the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation with certain authority to investigate complaints, adopt rules, appropriate funds and examine certain books and records of earned wage access services providers;
7. It establishes certain requirements related to advertising; and
8. It establishes enforcement mechanisms for the provisions of the Act.