This bill seeks to regulate earned wage access services in Minnesota by adding a new section to chapter 47 of the Minnesota Statutes. It defines essential terms such as "consumer," "earned wage access services," and "provider," while outlining specific requirements and prohibitions for service providers. Key mandates include the development of consumer complaint policies, the provision of no-cost options for accessing funds, full disclosure of fees, and adherence to privacy laws. The bill also prohibits excessive fees, the use of credit reports for eligibility, and aggressive collection practices, aiming to enhance consumer protection and ensure transparency in these services.

Furthermore, the legislation establishes a licensing requirement for providers, necessitating that they obtain a license from the commissioner prior to offering services. It includes provisions for annual reporting, commissioner examinations, and the potential for license suspension or revocation due to non-compliance. The bill clarifies that licenses remain effective until surrendered, revoked, or suspended, and allows for the reinstatement of suspended licenses under certain conditions. Additionally, it mandates that the commissioner provide a written order detailing the reasons for any license revocation or suspension, thereby enhancing transparency and establishing a clearer framework for license management.