The Oklahoma Earned Wage Access Services Act establishes a legal framework for earned wage access services in the state. It defines key terms such as "consumer," "earned but unpaid income," and "provider," and outlines the responsibilities and prohibitions for providers of these services. Providers are required to implement policies for consumer inquiries, offer no-cost options for accessing earned wages, disclose fees, and comply with privacy laws. Additionally, the act prohibits providers from sharing fees with employers, requiring credit reports for eligibility, and imposing late fees or penalties for non-payment.

The act clarifies that earned wage access services are not considered loans or credit, and fees associated with these services are not classified as interest or finance charges. It also specifies that the act does not apply to entities operating under banking regulations. The provisions of this act will take effect on November 1, 2025, ensuring that consumers in Oklahoma have access to their earned wages in a regulated manner.