SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2023 SESSION

  • | print version

HB 1921 Earned wage access services; licensure requirements, prohibited practices, penalties.

Introduced by: Amanda E. Batten | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Financial institutions; earned wage access services; licensure requirements; penalties. Prohibits any person from providing earned wage access services without first obtaining a license from the State Corporation Commission. The bill provides for qualifications for licensure, posting of a bond, annual fees, recordkeeping, reporting, and disclosure requirements. The bill authorizes the Commission to investigate and examine applicants and licensees, to suspend and revoke licenses, and to impose a civil penalty of up to $1,000 for violations of the earned wage access services provisions. The bill authorizes the Attorney General to investigate violations of its provisions and seek damages or other relief allowed by applicable law and specifies that any violation of its provisions constitutes a prohibited practice for purposes of the Virginia Consumer Protection Act. The bill provides that any person who engages in earned wage access services without having first obtained a license from the Commission is guilty of a Class 1 misdemeanor. The bill licensure requirements have a delayed effective date of January 1, 2025, and the bill requires any person required to be licensed by the Commission to engage in earned wage access services to submit an application for licensure no later than October 1, 2024.


FULL TEXT

AMENDMENTS

HISTORY