Legislature Approves Limits On Companies That Make Expected Wage Advance Loans

Legislature Approves Limits On Companies That Make Expected Wage Advance Loans

HARTFORD, CT — A bill limiting the cost of taking out a small, short-term loan is on its way to Gov. Ned Lamont’s desk after receiving bipartisan support in the state House of Representatives on Wednesday.

Maryland enacts Earned Wage Access legislation

A new Maryland law deems certain earned wage access (EWA) services to be loans. It then subjects those EWA services to the Maryland Consumer Loan Law and other consumer credit provisions, restricts the acceptance of tips by certain lenders, requires licensing or registration of certain entities offering EWA services, regulates EWA service agreements, and limits the costs and fees associated with obtaining EWA services. The law is effective Octob…