Utah's Pro Earned Wage Access Bill Reaches the Governor

Financial Services attorney Eamonn Moran was quoted in an American Banker article about a bill in Utah to regulate earned wage access (EWA) providers. H.B. 279, also known as the Earned Wage Access Services Act, requires EWA providers to register annually with the Utah Department of Commerce's Division of Consumer Protection as well as offer transparent fee disclosures, among other obligations. Industry groups including the American Fintech Council have praised the bill for setting a foundation for responsible growth of the EWA sector, and Mr. Moran commented that the pro-EWA posture demonstrated by signing the bill could attract more financial technology (FinTech) companies to the state. He also explained that "regulations, tax laws, venture capital and talent" have helped Utah become a hotbed for financial innovation, in addition to its bottom-up approach to legislation through an advisory council mixing public education leaders, executives and capital raisers.

"Utah is not San Francisco and is not New York, but, in all honesty, it has no aspirations to be so either," he said. "Instead, it's positioned itself to become to the FinTech sector what Delaware has become for corporate law."

READ: Utah's Pro Earned Wage Access Bill Reaches the Governor (Subscription required)