South Carolina Joins 4 States Regulating Earned Wage Access

South Carolina is the latest state to regulate earned wage access services, under a bill that will go into effect on Nov. 21.

Earned wage access services allow South Carolina residents, or consumers, to access earned income that has not yet been paid by their employers, under SB 700. The term “employer” is broadly defined to include those who engage with independent contractors. A provider of earned wage access services pays proceeds to a consumer based on the consumer’s earned but unpaid income and recovers the amount of the proceeds at a later time.

Consumers include employees and independent ...