The proposed bill establishes a new chapter in the North Dakota Century Code to regulate earned wage access providers, introducing definitions for key terms and requiring all providers to obtain a license from the commissioner of financial institutions. The licensing process includes stipulations for financial responsibility, background checks, and maintaining a minimum net worth. The bill clarifies that earned wage access services are not classified as loans or money transmission, and it outlines the responsibilities of the department of financial institutions in administering and enforcing these regulations.

Additionally, the bill emphasizes consumer protection by mandating that providers offer at least one no-cost option for accessing wages and disclose all associated charges. It includes provisions for the suspension or revocation of licenses for non-compliance, fraudulent activities, and failure to maintain necessary bonds. The bill also prohibits misleading practices regarding tips and donations, requires compliance with the Electronic Fund Transfer Act, and establishes reporting requirements for licensed providers. Existing providers can continue operations if they apply for licensure within six months of the bill's enactment, ensuring a smooth transition into the new regulatory framework.