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 at least one no-cost option for accessing funds, and disclose all associated fees. The bill also prohibits excessive fees, the requirement of credit reports for eligibility, and deceptive practices related to voluntary tips or donations.

Furthermore, the bill mandates that providers obtain a license from the commissioner before offering services, detailing the application process, record-keeping requirements, and annual reporting obligations. It grants the commissioner the authority to investigate complaints and suspend or revoke licenses for non-compliance. The legislation clarifies that earned wage access services are not classified as loans or money transmission, aiming to protect consumers through enhanced transparency and accountability. Additionally, it introduces provisions regarding the management of licenses, ensuring that a license remains effective until surrendered, revoked, or suspended, and requires the commissioner to provide a written order with evidence and reasons for any license revocation or suspension.