By: John ReVeal and Jennifer Crowder
On May 21, the South Carolina Governor signed a Bill to enact the Earned Wage Access Services Act (the Act), joining Kansas, Missouri, Nevada and Wisconsin as the fifth state to codify earned wage access (EWA) services. Many other states are considering such legislation, while a few others have so far relied on regulatory opinions or guidance.
Read MoreBy John ReVeal and Jeremy McLaughlin
Earned Wage Access (or EWA) programs are popular programs that allow employees to access their salary or wages that have already been earned, prior to the scheduled payroll date. Many argue that these beneficial programs are not truly “loans” because employees are accessing their own money without paying the high fees charged by payday lenders. However, some state regulators disagree, making EWA programs more difficult to access, depending on what state in which the employee lives.
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