HB645
Log in to followAN ACT relating to earned income access transactions.
Establish Subtitle 13 of KRS Chapter 286, the Kentucky Financial Services Code, and create new sections thereof to regulate earned income access transactions; define terms; establish licensing requirements for certain earned income access providers; establish requirements for the change of control of a licensee; establish records requirements for licensees; require annual and other reports by licensees; permit the commissioner of the Department of Financial Institutions to conduct examinations and investigations of licensees and other persons;…
Introduced: February 18, 2025
Last action: February 26, 2025
Plain-language summary
This bill creates a new set of rules in Kentucky law to regulate "earned wage access" services, which are products that let workers access a portion of their already-earned pay before their official payday. It sets up a licensing system for companies that offer these services, outlines consumer protections and business conduct standards, and gives the Department of Financial Institutions the authority to oversee, investigate, and penalize providers who break the rules. The law would…
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Legislative History
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