AB574,8,1413 (h) Any other similar information the division requires to administer this
14chapter.
AB574,8,17 15(3) In addition to the application under sub. (2), each licensee shall register
16with, and maintain a valid unique identifier issued by, the nationwide mortgage
17licensing system and registry.
AB574,8,20 18(4) Each provider required to be licensed under sub. (1) shall update any
19information provided in its license application within 15 business days after a
20material change in that information.
AB574,8,25 21(5) A provider that submits an application for a license under sub. (2) shall pay
22a nonrefundable fee to the division determined in accordance with rates set by the
23division. In setting the rates, the division shall determine the amount of fees needed
24to provide sufficient funds for the division to meet the budget requirements of
25administering and enforcing this chapter in each fiscal year.
AB574,9,3
1(6) (a) A provider required to be licensed under sub. (1) shall file with the
2division, and maintain in force, a surety bond that is issued by a surety company
3admitted to do business in this state that meets all of the following requirements:
AB574,9,44 1. The bond is in an amount equal to $25,000.
AB574,9,65 2. The bond is in favor of the state for the benefit of any person that is damaged
6by a violation of this chapter.
AB574,9,87 3. The bond is in favor of any person that is damaged by a violation of this
8chapter.
AB574,9,149 (b) A person claiming against a bond described under this subsection for a
10violation of this chapter may maintain an action at law against the provider that
11obtained the bond and against the surety that issued the bond. The surety is liable
12only for actual damages and not for punitive damages. The aggregate liability of the
13surety to all persons damaged by a provider's violation of this chapter does not exceed
14the amount of the bond.
AB574,9,15 15(7) (a) In this subsection:
AB574,9,1716 1. “Applicant” means a provider that has submitted an application for a license
17under sub. (2).
AB574,9,1818 2. “Director” means a member of the applicant's or licensee's board of directors.
AB574,9,2119 3. Except in subd. 2., “member” means a person that has the right to receive
20upon dissolution, or has contributed, 10 percent or more of the capital of an applicant
21or licensee that is organized as a limited liability company or association.
AB574,9,2522 4. “Officer” means a person who participates or has authority to participate,
23other than in the capacity of a director, in major policymaking functions of an
24applicant or licensee, whether or not the person has an official title. “ Officer”
25includes the chief executive officer, chief financial officer, chief operations officer,

1chief legal officer, chief credit officer, chief compliance officer, each executive vice
2president or senior vice president, and any other person meeting the standard under
3this subdivision.
AB574,10,64 5. “Partner” means a person that has the right to receive upon dissolution, or
5has contributed, 10 percent or more of the capital of an applicant or licensee that is
6organized as a partnership.
AB574,10,157 (b) Upon the filing of an application under sub. (2) and the payment of the fee
8required under sub. (5) by a provider, the division shall investigate the relevant facts.
9If the division finds that the character and general fitness and the financial
10responsibility of the provider, and the provider's partners if the provider is a
11partnership, the provider's members if the provider is a limited liability company or
12association, and the provider's officers and directors if the provider is a corporation,
13warrant the belief that the provider's business will be operated in compliance with
14this chapter, the division shall issue a license to the provider. If the division does not
15make the finding, the division shall deny the provider's application.
AB574,10,17 16(8) The division may not issue a license under sub. (7) to a provider if any of
17the following applies:
AB574,10,1818 (a) The provider fails to provide any information required under sub. (2).
AB574,10,2019 (b) The department of revenue certifies under s. 73.0301 that the provider is
20liable for delinquent taxes.
AB574,10,2221 (c) The department of workforce development certifies under s. 108.227 that
22the provider is liable for delinquent unemployment insurance contributions.
AB574,11,4 23(9) A provider's license remains in force and effect until the division suspends
24or revokes the license in accordance with this chapter or the provider surrenders the
25license. A licensee shall, on or before each December 10, pay to the division the

1annual license fee established by the division for the next succeeding calendar year.
2The division may, by rule, provide for the reinstatement of expired licenses
3consistent with the standards established by the nationwide mortgage licensing
4system and registry.
AB574,11,8 5(10) A provider may not assign a license, except as approved by the division or
6by operation of law in connection with a merger or conversion authorized under s.
7178.1121, 178.1141, 179.1121, 179.1141, 180.1101, 180.1161, 183.1021, or 183.1041
8or a similar law of this or another state.
AB574,11,11 9(11) A provider shall conspicuously post its license at the provider's physical
10place of business, or, if the provider conducts business on a website, the provider shall
11post its license number on the website.
AB574,11,15 12(12) The division shall keep confidential the information contained in an
13application for a license under sub. (2) and any information obtained during the
14division's investigation under sub. (7), and this information is not subject to public
15copying or inspection under s. 19.35 (1).
AB574,11,17 16203.04 Provider requirements; limitations. (1) A provider required to be
17licensed under s. 203.03 (1) shall do all of the following:
AB574,11,2018 (a) Develop and implement policies and procedures to respond to questions
19raised by consumers and address complaints from consumers in an expedient
20manner.
AB574,11,2221 (b) Offer to the consumer at least one reasonable option to obtain proceeds at
22no cost to the consumer and clearly explain how to elect that no-cost option.
AB574,11,2423 (c) Before entering into an agreement with a consumer for the provision of
24earned wage access services, do all of the following:
AB574,11,2525 1. Inform the consumer of his or her rights under the agreement.
AB574,12,2
12. Fully and clearly disclose all fees associated with the earned wage access
2services.
AB574,12,53 (d) Inform the consumer of the fact of any material changes to the terms and
4conditions of the earned wage access services before implementing those changes for
5that consumer.
AB574,12,156 (e) Allow the consumer to cancel use of the provider's earned wage access
7services at any time, without incurring a cancellation fee or penalty imposed by the
8provider. If the consumer has initiated an advance of proceeds, the provider may
9require the effective date of the cancellation to be after the consumer has satisfied
10any repayment obligation the consumer has to the provider, either through payroll
11deduction, pre-authorized electronic funds transfer from a consumer's account or
12depository institution, or other means previously agreed to by the consumer and the
13provider. Nothing in this paragraph requires a provider to allow a
14consumer-initiated advance to be canceled, revoked, suspended, or reversed after
15the consumer initiates the advance.
AB574,12,1716 (f) Comply with all local, state, and federal privacy and information security
17laws.
AB574,12,1918 (g) If a provider solicits, charges, or receives a tip, gratuity, or other donation
19from a consumer, the provider shall do all of the following:
AB574,12,2220 1. Clearly and conspicuously disclose to the consumer immediately prior to
21each transaction that a tip, gratuity, or other donation amount may be zero and is
22voluntary.
AB574,13,323 2. Clearly and conspicuously disclose in its service contract with the consumer
24and elsewhere that tips, gratuities, or donations are voluntary and that the offering
25of earned wage access services, including the amount of proceeds a consumer is

1eligible to request and the frequency with which proceeds are provided to a consumer,
2is not contingent on whether the consumer pays any tip, gratuity, or other donation
3or on the size of the tip, gratuity, or other donation.
AB574,13,54 (h) Provide proceeds to a consumer by any means mutually agreed upon by the
5consumer and the licensee.
AB574,13,106 (i) If the provider will seek repayment of outstanding proceeds or payment of
7fees or other amounts owed, including voluntary tips, gratuities, or other donations,
8in connection with the activities covered by this chapter, from a consumer's account
9at a depository institution, including by means of electronic funds transfer, the
10provider shall do all of the following:
AB574,13,1211 1. Comply with applicable provisions of the federal electronic fund transfer act,
1215 USC 1693 to 1693r, and regulations adopted under the act.
AB574,13,2113 2. Reimburse the consumer for the full amount of any overdraft or
14non-sufficient funds fees imposed on a consumer by the consumer's depository
15institution that were caused by the provider attempting to seek payment of any
16outstanding proceeds, fees, or other payments, in connection with the activities
17covered by this chapter, including voluntary tips, gratuities, or other donations, on
18a date before, or in an incorrect amount from, the date or amount disclosed to the
19consumer. However, the provider is not subject to the requirements in this
20subdivision with respect to payments of outstanding amounts or fees incurred by a
21consumer through fraudulent or other unlawful means.
AB574,13,23 22(2) A provider required to be licensed under s. 203.03 (1) may not do any of the
23following:
AB574,14,3
1(a) Share with an employer a portion of any fees, voluntary tips, gratuities, or
2other donations that were received from or charged to a consumer for earned wage
3access services.
AB574,14,64 (b) Require a consumer's credit report or a credit score provided or issued by
5a consumer reporting agency to determine a consumer's eligibility for earned wage
6access services.
AB574,14,87 (c) Accept payment of outstanding proceeds, fees, voluntary tips, gratuities, or
8other donations from a consumer by means of a credit card or charge card.
AB574,14,119 (d) Charge a late fee, deferral fee, interest, or any other penalty or charge for
10failure to pay outstanding proceeds, fees, voluntary tips, gratuities, or other
11donations.
AB574,14,1412 (e) Report to a consumer reporting agency or debt collector any information
13about the consumer regarding the inability of the provider to be repaid outstanding
14proceeds, fees, voluntary tips, gratuities, or other donations.
AB574,14,1715 (f) Compel or attempt to compel payment by a consumer of outstanding
16proceeds, fees, voluntary tips, gratuities, or other donations to the provider through
17any of the following means:
AB574,14,1818 1. A suit against the consumer in a court of competent jurisdiction.
AB574,14,2019 2. Use of a 3rd party to pursue collection from the consumer on the provider's
20behalf.
AB574,14,2221 3. Sale of outstanding amounts to a 3rd-party collector or debt buyer for
22collection from the consumer.
AB574,15,223 (g) If the provider solicits, charges, or receives tips, gratuities, or other
24donations from a consumer, mislead or deceive consumers about the voluntary

1nature of the tips, gratuities, or donations or make representations that tips,
2gratuities, or other donations will benefit any specific individuals.
AB574,15,83 (h) Advertise, print, display, publish, distribute, or broadcast or cause to be
4advertised, printed, displayed, published, distributed, or broadcast, in any manner,
5any statement or representation with regard to the earned wage access services
6offered by the provider, which is false, misleading, or deceptive, or which omits to
7state material information that is necessary to make the statements therein not
8false, misleading, or deceptive.
AB574,15,13 9(3) The limitations set forth in sub. (2) (f) do not preclude the use by a provider
10of any of the methods specified in sub. (2) (f) to compel payment of outstanding
11amounts or fees incurred by a consumer through fraudulent or other unlawful
12means, nor do they preclude a provider from pursuing an employer for breach of its
13contractual obligations to the provider.
AB574,15,15 14(4) A provider may use the mailing address provided by a consumer to
15determine the consumer's state of residence for purposes of this chapter.
AB574,15,18 16203.05 Interpretation; applicability. (1) (a) Notwithstanding any other
17provision of law, earned wage access services offered and provided by a licensee in
18compliance with this chapter shall not be considered to be any of the following:
AB574,15,2019 1. A violation of or noncompliance with s. 241.09 or other law of this state
20governing the sale or assignment of, or an order for, earned but unpaid income.
AB574,15,2221 2. A loan or other form of credit or debt, nor shall the provider be considered
22a creditor, debt collector, or lender with respect thereto.
AB574,15,2423 3. Money transmission, nor shall the provider be considered a money
24transmitter with respect thereto.
AB574,16,4
1(b) Notwithstanding any other provision of law, fees paid to a licensee in
2accordance with this chapter shall not be considered interest or finance charges. If
3there is a conflict between the provisions of this chapter and any other statute, the
4provisions of this chapter control.
AB574,16,6 5(2) Chapters 421 to 427 do not apply to proceeds a provider provides to a
6consumer in accordance with this chapter.
AB574,16,8 7(3) A voluntary tip, gratuity, or other donation paid by a consumer to a licensee
8in accordance with this chapter shall not be considered a finance charge.
AB574,16,12 9203.06 Reporting requirements; books and records. (1) On or before July
101 of each year, a provider required to be licensed under s. 203.03 (1) shall submit an
11annual report to the division that includes all of the following information related to
12earned wage access services the provider provided in this state during the prior year:
AB574,16,1313 (a) Gross revenue attributable to those earned wage access services.
AB574,16,1514 (b) The total number of transactions in which the provider provided proceeds
15to consumers.
AB574,16,1716 (c) The total number of unique consumers to whom the provider provided
17proceeds.
AB574,16,1818 (d) The total dollar amount of proceeds the provider provided to consumers.
AB574,16,2019 (e) The total dollar amount of fees, voluntary tips, gratuities, or other donations
20the provider received from consumers.
AB574,16,22 21(2) Failure by a provider to submit a timely report as required under sub. (1)
22is grounds for disciplinary action by the division.
AB574,17,2 23(3) The division shall keep confidential the information contained in the
24annual report under sub. (1), and this information is not subject to public copying or
25inspection under s. 19.35 (1), but the division may prepare and make publicly

1available an aggregated and anonymized analysis of the information submitted by
2all providers under this section.
AB574,17,9 3(4) A provider required to be licensed under s. 203.03 (1) shall keep such books
4and records that, in the opinion of the division, will enable the division to determine
5whether the provider is in compliance with this chapter. The provider shall retain
6records related to proceeds for at least 2 years following the date on which proceeds
7are provided. The provider may keep books and records at a place of business located
8outside this state if the provider is able to readily produce those books and records
9for review by the division upon reasonable request by the division.
AB574,17,12 10203.07 Suspension or revocation of license. (1) The division may suspend
11or revoke a provider's license issued under s. 203.03 (7) if the division finds any of
12the following:
AB574,17,1513 (a) That the provider violated any provision of this chapter, any rule
14promulgated under this chapter, or any lawful order of the division made under this
15chapter.
AB574,17,1816 (b) That any fact or condition exists that, if it had existed at the time of the
17provider's original application for a license, would have warranted the division
18refusing to issue the license.
AB574,17,2019 (c) That the provider made a material misstatement in an application for a
20license or in information furnished to the division.
AB574,17,2221 (d) That the provider failed to pay the annual license fee or to maintain in effect
22the bond required under s. 203.03 (6).
AB574,18,3 23(2) The division shall revoke a provider's license issued under s. 203.03 (7) if
24the department of revenue certifies under s. 73.0301 that the provider is liable for
25delinquent taxes. A provider whose license is revoked under this subsection for

1delinquent taxes is entitled to a notice under s. 73.0301 (2) (b) 1. b. and a hearing
2under s. 73.0301 (5) (a) but is not entitled to any other notice or hearing under this
3chapter.
AB574,18,10 4(3) The division shall revoke a provider's license issued under s. 203.03 (7) if
5the department of workforce development certifies under s. 108.227 that the
6provider is liable for delinquent unemployment insurance contributions. A provider
7whose license is revoked under this subsection for delinquent unemployment
8insurance contributions is entitled to a notice under s. 108.227 (2) (b) 1. b. and a
9hearing under s. 108.227 (5) (a) but is not entitled to any other notice or hearing
10under this chapter.
AB574,18,12 11(4) Except as provided in subs. (2) and (3), the division may not revoke or
12suspend a provider's license except after a hearing under this chapter.
AB574,18,17 13203.08 Violations and enforcement. (1) The division may bring a civil
14action to restrain by temporary or permanent injunction a person from violating this
15chapter or rules promulgated under this chapter or to restrain a person from
16engaging in false, misleading, deceptive, or unconscionable conduct in connection
17with offering earned wage access services.
AB574,19,7 18(2) The division may seek a temporary restraining order without written or
19oral notice to the adverse party. If a court finds that there is reasonable cause to
20believe that the respondent is engaged in the conduct sought to be restrained and
21that such conduct violates this chapter or rules promulgated under this chapter, the
22court may grant a temporary restraining order or any temporary relief the court
23determines is appropriate. A temporary restraining order granted without notice
24shall expire by its terms within a stated time after entry, not to exceed 30 days, as
25the court fixes, unless within this time it is extended by the court, or unless the party

1against whom the order is directed consents that it may be extended for a longer
2period. When a temporary restraining order is granted without notice, the motion
3for a preliminary injunction shall be set down for a hearing at the earliest possible
4time. Upon notice to the party who obtained the temporary restraining order without
5notice, the adverse party may appear and move its dissolution or modification, and,
6in this event, the court shall proceed to hear and determine such motion as
7expeditiously as the ends of justice require.
AB574,19,10 8(3) The division may recover in a civil action from a person that violates this
9chapter or rules promulgated under this chapter a civil penalty of not less than $100
10and not more than $1,000 for each violation.
AB574,19,14 11(4) In addition to the amount to which the division is entitled under sub. (3),
12the division may recover in a civil action from a person that knowingly or willfully
13violates this chapter or rules promulgated under this chapter a civil penalty of not
14less than $1,000 and not more than $10,000 for each violation.
AB574,6 15Section 6. 220.02 (2) (j) of the statutes is created to read:
AB574,19,1616 220.02 (2) (j) Earned wage access services providers under ch. 203.
AB574,7 17Section 7. 220.02 (3) of the statutes is amended to read:
AB574,20,218 220.02 (3) It is the intent of sub. (2) to give the division jurisdiction to enforce
19and carry out all laws relating to banks or banking in this state, including those
20relating to state banks, savings banks, savings and loan associations, and trust
21company banks, and also all laws relating to small loan companies or other loan
22companies or agencies, finance companies, insurance premium finance companies,
23earned wage access services providers, motor vehicle dealers, adjustment service
24companies, community currency exchanges, mortgage bankers, mortgage loan
25originators, mortgage brokers, and collection agencies and those relating to sellers

1of checks under ch. 217, whether doing business as corporations, individuals, or
2otherwise, but to exclude laws relating to credit unions.
AB574,8 3Section 8 . Nonstatutory provisions.
AB574,20,44 (1) Earned wage access services.
AB574,20,85 (a) License application form. Not later than the first day of the 6th month
6beginning after the effective date of this paragraph, the division of banking in the
7department of financial institutions shall prescribe the form and content of an
8application for a license to provide earned wage access services pursuant to this act.
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