The New Jersey Earned Wage Access Services Act establishes a regulatory framework for earned wage access services, which allow consumers to access their earned but unpaid income. The act defines key terms such as "consumer," "provider," and "earned but unpaid income," and mandates that no person may operate as a provider without obtaining a license from the Commissioner of Banking and Insurance. The licensing process includes requirements for financial responsibility, background checks for key personnel, and a minimum net worth and liquid asset threshold of $100,000 for applicants and licensees. The commissioner is granted authority to oversee compliance, including the ability to revoke or suspend licenses for violations, and licensees must maintain accurate records for examination.

The act also outlines specific prohibitions for providers, including restrictions on sharing fees with employers, using credit reports for eligibility, and imposing late fees or aggressive collection practices. Providers are required to develop policies for consumer complaints, disclose fees and rights, and allow cancellation of services without penalties. Additionally, they must clearly communicate the voluntary nature of any tips or donations and reimburse consumers for fees incurred due to incorrect payment attempts. Licensees are obligated to file annual reports detailing their business activities, with penalties for non-compliance. Overall, the legislation aims to ensure that earned wage access services operate transparently and responsibly, protecting consumers in New Jersey.