118th Congress Finance and Financial Sector
H.R. 7428: Earned Wage Access Consumer Protection Act
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill addresses the regulation of earned wage access products. Earned wage access products provide consumers with access to their earned wages before their scheduled pay day.
The bill specifies that earned wage access products are not consumer credit products for purposes of regulation under the Truth in Lending Act (TILA). TILA requires consumer credit products to disclose borrowing costs, finance charges, and the total cost of the loan.
The bill requires providers to inform consumers of their rights under an agreement for an earned wage access product and to disclose all associated fees before the consumer enters into an agreement. Providers must also inform consumers of any material changes to the terms or conditions before implementing those changes.
Read the full summary
Under the bill, providers of earned wage access products
- must establish a policy for responding to customer disputes;
- are prohibited from bringing civil suits or from pursuing collection to compel repayment, except in cases of fraud; and
- must reimburse the consumer for overdraft fees or penalties imposed on a consumer by their depository institution if incurred because the provider withdrew an incorrect amount or withdrew on an incorrect date.
Providers are prohibited from sharing proceeds, fees, or gratuities with the consumer’s employer. The bill also limits the form of payment providers may accept from consumers and limits certain additional fees for failure to pay.
If a provider solicits, charges, or receives a tip, gratuity, or other donation from a consumer, the provider must disclose the voluntary nature of such tip, gratuity, or donation.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- J. Hill R-AROriginal
- Byron Donalds R-FL
- Garland Barr R-KY
- Daniel Meuser R-PA
- Blaine Luetkemeyer R-MO
- Pete Sessions R-TX
Who scored on this bill
- 1Bryan Steil SponsorIntroduced, marked up, reported3 events+32
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Bryan Steil
History
- Introduced in the House by Bryan Steil.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Financial Services. H. Rept. 118-787.
- Placed on the Union Calendar, Calendar No. 650.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 22.
- Introduced in House
- Referred to the House Committee on Financial Services.