Wisconsin Becomes Third State to Regulate Earned Wage Access

Wisconsin has become the third state to regulate earned wage access services, under a bill that will go into effect in six months.

Earned wage access services allow consumers to access their earned but unpaid employment income before their regularly scheduled payday, under AB 574. The bill specifically defines consumer as Wisconsin residents.

Providers of earned wage access services must apply for a license with the Wisconsin Division of Banking to operate in the state, under the bill. The application process will include a nonrefundable fee, and providers will also have to file a $25,000 surety bond with the ...