This bill proposes the establishment of a new chapter in Title 13 of the North Dakota Century Code, specifically targeting payday lending organizations and creating a regulatory framework for earned income access transactions. It defines key terms such as "business entity," "consumer," and "licensee," and mandates that all individuals or business entities, except exempt organizations, must obtain a license from the commissioner of financial institutions to engage in these transactions. The licensing process includes requirements for financial responsibility, background checks, and bond maintenance, while also outlining procedures for application, renewal, and potential denial. The bill establishes grounds for license suspension or revocation, including criminal convictions and regulatory violations, aiming to ensure consumer protection and accountability in payday lending practices.

Additionally, the bill introduces new regulations for earned wage access providers, emphasizing consumer rights and fair practices. It restricts the amount a consumer can access to $1,000 at any time and prohibits new transactions within three business days of a previous one. Providers are required to maintain comprehensive documentation, clearly communicate fees, and offer at least one no-cost repayment option. The commissioner is empowered to create rules for enforcement and can issue immediate temporary suspensions if there is probable cause for public harm. Overall, the legislation seeks to enhance regulatory oversight and promote ethical practices within the earned wage access industry, ensuring transparency and consumer protection.