The American Fintech Council (AFC) has expressed gratitude to Governor Sarah Huckabee Sanders and the Arkansas Legislature for enacting the Earned Wage Access Services Act, also known as House Bill 1517. This legislation was signed into law on March 20th with bipartisan support and significant contributions from Representative David Ray and Senator Ben Gilmore. The new law establishes a regulatory framework focused on consumer protection for Earned Wage Access (EWA) services in Arkansas.
Phil Goldfeder, CEO of AFC, commended the enactment of HB 1517 by stating, "HB 1517 is a smart, modern framework that ensures Arkansas workers can continue using Earned Wage Access services safely and transparently." He emphasized that the law strikes a balance between innovation and consumer protection.
Earlier this month, Phil Goldfeder traveled to Little Rock to testify before the House Insurance and Commerce Committee. Ashley Urisman, Director of State Government Affairs at AFC, testified before the Arkansas State Senate. Additionally, AFC collaborated with responsible EWA providers to submit a letter urging Governor Sanders to enact HB 1517.
Earned Wage Access allows workers to access wages they have already earned prior to their scheduled payday. This provides financial flexibility and stability for users. HB 1517 includes provisions such as a voluntary no-cost option for all users, transparent fee disclosures, and the ability for users to cancel services without incurring fees.
Ashley Urisman highlighted the importance of this legislation: “Governor Sanders’ signing of HB 1517 marks a pivotal moment for Arkansas, solidifying a vital regulatory foundation for the responsible expansion of Earned Wage Access.” She noted that the law promotes innovation while minimizing risks.
The American Fintech Council represents fintech companies and banks offering financial technology solutions. Their mission is to promote an inclusive financial system through responsible innovation and sound public policy.