Missouri Law Regulates Providers of Earned Wage Access Services

Missouri is regulating providers of earned wage access services, under a bill that will go into effect on Aug. 28.

Earned wage access services pay proceeds to consumers, such as employees and independent contractors, based on the consumer’s earned but as-yet unpaid income.

Among other provisions, SB 103 requires providers to register with the Missouri Division of Finance and pay a $1,000 annual registration fee before offering earned wage access services. The fee is due annually by July 1.

The division director is to prepare registration forms for providers, under the bill. A provider will have to disclose its name, ...