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 such as "charge," "consumer," "earned but unpaid income," and "provider," and mandates that any individual or business entity wishing to offer these services must obtain a license from the commissioner of financial institutions. The licensing process includes requirements for financial responsibility, background checks, and the maintenance of a bond. The bill also outlines the administration and enforcement responsibilities of the department of financial institutions, specifies exemptions for certain entities like banks and credit unions, and clarifies that earned wage access services will not be classified as loans or money transmission.

Additionally, the bill sets forth specific grounds for the suspension or revocation of licenses, including failure to pay fees and engaging in fraudulent activities, while granting the commissioner authority for temporary suspensions to protect the public. It requires licensed providers to develop consumer complaint procedures, offer no-cost options for accessing wages, and comply with privacy laws. The legislation emphasizes transparency, mandating compliance with the Electronic Fund Transfer Act and prohibiting misleading practices regarding tips and donations. It also allows providers operating before January 1, 2025, to continue their services while applying for licensure, and limits the amount of outstanding proceeds a consumer can have with any licensee to $1,000, ultimately aiming to enhance consumer rights and ensure fair practices in the wage access industry.