The proposed bill establishes a new chapter in Title 13 of the North Dakota Century Code to regulate earned wage access providers. It introduces definitions for key terms and mandates that any individual or business entity wishing to provide these services must obtain a license from the Commissioner of Financial Institutions. The licensing process includes requirements for financial responsibility, background checks, and maintenance of a tangible net worth. The bill also outlines the administration and enforcement responsibilities of the Department of Financial Institutions, specifying exemptions for certain financial institutions and clarifying that earned wage access services will not be classified as loans or money transmission.

Additionally, the bill emphasizes consumer protection by requiring providers to develop complaint policies, offer no-cost options, and submit consumer-directed transactions to a designated database. It mandates compliance with the Electronic Fund Transfer Act and prohibits misleading practices regarding tips and donations. The legislation includes provisions for penalties against unlicensed providers and establishes reporting requirements for licensed providers. Existing providers as of January 1, 2025, can continue operations if they apply for licensure within six months. Overall, the bill aims to create a regulatory framework that enhances transparency and consumer rights within the earned wage access industry.