This bill establishes regulations for earned wage access services in Minnesota by introducing a new section in the Minnesota Statutes, chapter 47. It defines essential terms such as "consumer," "earned but unpaid income," and "earned wage access services provider," while outlining the requirements and prohibitions for these providers. Key provisions include the necessity for providers to develop consumer complaint policies, offer no-cost options for accessing proceeds, disclose all fees, and comply with privacy laws. Additionally, providers are prohibited from imposing excessive fees, requiring credit reports for eligibility, and misleading consumers regarding the voluntary nature of tips or donations. The bill also clarifies that earned wage access services are not classified as loans or money transmission, ensuring that associated fees and donations are not treated as interest or finance charges.

Furthermore, the bill introduces new provisions regarding the issuance and management of licenses for earned wage access services. It stipulates that a license remains effective until surrendered, revoked, or suspended, and allows the commissioner to reinstate suspended licenses or issue new ones if there are no grounds for initial refusal. In cases of revocation or suspension, the commissioner is required to file a written order detailing the evidence and reasons for the action, which must be delivered to the affected licensee. These changes aim to enhance transparency and provide a clearer framework for the management of licenses, ultimately protecting consumers while regulating the emerging industry of earned wage access services.