Regulatory Alerts2025-01-01
Kansas Earned Wage Access Services Act
The Kansas Office of the State Bank Commissioner enacted the Earned Wage Access Services Act to regulate providers of earned wage access services within the state. The legislation mandates that providers register with the commissioner, maintain a $100,000 surety bond, and strictly adhere to non-recourse repayment terms that prohibit civil suits, third-party collection, or credit reporting for unpaid balances. Additionally, the act prohibits interest charges, late fees, and the conditioning of service eligibility on voluntary tips, while explicitly exempting these services from being classified as loans or money transmission.
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