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ARTICLE · 29 MARCH 2024

Wisconsin Signs Earned Wage Access Bill Into Law

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On March 21, Wisconsin enacted into law Assembly Bill 574, positioning it as the third state, following Nevada and Missouri, to establish a comprehensive regulatory framework...

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Mehul Madia
Mehul Madia
Beineng Zhang
Beineng Zhang
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On March 21, Wisconsin enacted into law Assembly Bill 574, positioning it as the third state, following Nevada and Missouri, to establish a comprehensive regulatory framework for earned wages access (EWA) services and products. The legislation is set to take effect September 1, 2024.

The law applies to both consumer-directed and employer-integrated EWA products and requires EWA providers to obtain a state-issued license from Wisconsin's financial services regulator, the Division of Banking, in order to provide services. Under the licensing regime, EWA providers are required to provide disclosures regarding their business and products, comply with applicable privacy laws and submit an annual report to the state regulator. Registration on the Nationwide Multistate Licensing System & Registry is required.

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