The Earned Wage Access Services Act establishes a comprehensive regulatory framework for providers of earned wage access services in New Mexico, requiring them to obtain a license from the Financial Institutions Division of the Regulation and Licensing Department. The Act outlines the application process, criteria for licensing, and provisions for the suspension or revocation of licenses due to violations. It also clarifies that earned wage access services are not classified as loans or money transmission, thereby distinguishing them from other financial services. The legislation aims to enhance consumer protection by ensuring that providers operate transparently and accountably within a regulated environment.

The bill introduces new sections to the Act, including provisions for investigations, record-keeping, and consumer complaint procedures. It emphasizes the state's exclusive jurisdiction over earned wage access services, prohibits misleading advertising, and mandates that providers operate under approved names. Additionally, it establishes penalties for non-compliance, classifying violations as petty misdemeanors with fines ranging from $500 to $1,000. The new regulations will apply to providers licensed on or after October 15, 2025, ensuring a structured approach to consumer rights and provider integrity in the industry.