This bill establishes a new chapter in Title 31 RCW, titled the "Washington State Earned Wage Access Services Act," which regulates businesses providing earned wage access services in Washington State. It defines essential terms such as "consumer," "provider," and "earned wage access services," and sets forth licensing requirements that will take effect on July 1, 2026. Entities must obtain a license through the nationwide mortgage licensing system, undergo background checks, submit identifying information, and maintain a surety bond of at least $30,000. The bill also empowers the director of the Department of Financial Institutions to enforce licensing laws, issue or deny licenses, and impose penalties for violations, while requiring licensees to pay annual assessments and comply with all regulations.

Furthermore, the bill outlines specific obligations for licensees, including the development of consumer complaint procedures, offering no-cost options for proceeds, and ensuring transparency regarding fees and consumer rights. It prohibits certain practices, such as sharing fees with employers and charging excessive transaction fees, while capping expedited service fees at $5.00. The director is granted authority to investigate licensees, maintain records, and submit annual reports. Notably, the bill mandates the immediate suspension of licenses for individuals not in compliance with child support orders, with automatic reinstatement upon compliance. Overall, the legislation aims to enhance consumer protection and regulatory oversight in the earned wage access industry.