California DFPI’s Proposed EWA Legislation Rejected by Office of Administrative Law
By EsqSocial Corporation 07/05/24
As discussed here, in March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would interpret the definition of “loan” to include “income-based advances” or earned wage access (EWA) products, except those offered by employers. The proposal also sought to require providers of such products to register with the state, and imposed requirements on debt settlement companies and education financing providers....
By: Troutman Pepper