The American Fintech Council (AFC) has expressed its approval of the Utah Legislature's recent passage of the Earned Wage Access Services Act, a bipartisan initiative designed to enhance consumer protections while maintaining access to earned wage access (EWA) services. The AFC is urging Governor Spencer Cox to sign House Bill 279 into law.
The legislation, supported by Representative Cory Maloy and Senator Chris Wilson, aims to establish a clear regulatory framework for EWA providers in Utah. It includes provisions such as a no-cost option for consumers, transparent fee disclosures, and the ability for users to cancel services without penalties. Additionally, it mandates that EWA providers register with the Utah Department of Commerce’s Division of Consumer Protection to ensure proper oversight.
Ashley Urisman, Director of State Government Affairs at AFC, commented on the bill: “This bill provides a strong foundation for the responsible growth of EWA in Utah.” She praised Utah lawmakers for their understanding of financial technology and their efforts to balance consumer protection with access to financial tools.
Ryan Naples, Vice President of Public Policy at DailyPay, also commended the legislature's efforts: “The Utah legislature, with leadership from bill sponsors Representative Cory Maloy and Senator Chris Wilson, have put forward an exemplary and thoughtful measure that protects consumers and supports the growth of businesses in the Earned Wage Access industry.”
The AFC highlights its role as a leading trade association representing fintech companies and innovative banks. Its mission focuses on promoting transparency and inclusivity within the financial system while supporting responsible innovation.