Priya PatelTLDR: Wisconsin becomes third state to pass an Earned Wage Access law
– Nevada and Missouri were the first states to pass similar legislation regulating Earned Wage Access (EWA)
– Wisconsin joins them as the third state to enact a regulatory framework for EWA
Wisconsin has become the third state to pass a law regulating Earned Wage Access (EWA), following in the footsteps of Nevada and Missouri. Governor Evers signed Assembly Bill 574 into law, creating a licensing regime for EWA within the Wisconsin Division of Banking. This move is supported by industry leaders, such as the American Fintech Council and DailyPay. With this legislation in place, more workers will have access to their earned wages whenever they want, reducing the demand for payday loans and improving overall financial health.
This is a significant step forward in the fintech industry, as EWA has proven to be a valuable innovation in promoting financial health. With states taking the lead in regulating EWA, the impact on the financial well-being of individuals is expected to be substantial. Stay tuned for more in-depth analysis on this topic by industry experts.
