AN ACT relating to earned wage access services.

Establish Subtitle 13 of KRS Chapter 286, the Kentucky Financial Services Code, and create new sections to regulate earned wage access services; define terms; establish exemptions from the subtitle; establish licensing requirements for certain earned wage access services providers; establish requirements for change of control of a licensee; provide circumstances under which the commissioner of the Department of Financial Institutions is authorized to take adverse action, enter emergency orders, deny a license, or take other regulatory actions; authorize licensees and other persons aggrieved by a final decision of the commissioner to request an administrative hearing; establish trade practice requirements for earned wage access services providers; require licensees to maintain an agent in this state for service of process; require an annual report by licensees; require the commissioner to make and publish an analysis and recapitulation of the annual reports submitted by licensees; establish recordkeeping requirements for licensees; provide that certain information is confidential and not subject to disclosure; authorize the commissioner to promulgate administrative regulations for the proper conduct of business under the subtitle and to conduct examinations and investigations; prohibit a licensee from being subject to liability for an act or omission made in conformity with a notice, opinion, or interpretation issued by the commissioner; establish civil and criminal penalties; provide that a contract made in violation of the subtitle is void; amend KRS 286.4-410, 286.11-007, and 371.150 to conform; authorize certain earned wage access providers to continue to act without a license during initial implementation; provide that Sections 1 to 26 may be cited as the Kentucky Earned Wage Access Services Act.