This bill establishes regulatory requirements for earned income access services in New Jersey, defining key terms such as "consumer," "earned but unpaid income," and "earned income access service provider." It mandates that providers enter into contractual arrangements with employers to deliver earned but unpaid income to consumers before their scheduled payday, ensuring that consumer information is shared only with consent or under specific contractual conditions. The bill requires that any fees charged to consumers be disclosed, and consumers must be informed of their right to receive full wages if they choose to wait for their regular payment. Additionally, it prohibits obligors from sharing information with providers unless a contractual arrangement exists or the consumer consents.

To operate legally, providers must obtain a license from the Department of Banking and Insurance, which will oversee compliance and consumer protection. The department can deny licenses based on incomplete applications or unethical practices. The bill includes provisions for penalties for violations, allows the department to investigate licensees, and establishes a relationship with the Nationwide Multistate Licensing System for record-keeping and fee processing. Notably, it amends existing definitions by replacing "Nationwide Mortgage Licensing System and Registry" with "Nationwide Multistate Licensing System" and includes new provisions for compliance with federal laws.

Statutes affected:
Introduced: 17:1C-34