CA SB 472 Update…Wage-Based/Work-Based Advances
As of July 9, 2019 the bill has seen some movement and has been re-referred to the Committee on Judiciary. Here’s a link to the California Legislation Information web page where you can access the latest status, bill content and history.
Earlier last month, the NPRC wrote a letter (see attachment) to CA Senator Anna Caballero which focused on the following four most important points to consider:
· Clarify that payroll firms that merely facilitate such access are not Earned Income Access Service Providers.
· Permit variable fees for instant versus next-day delivery of funds.
· Permit service providers to require consumers to open or maintain an account at a particular depository institution, so long as there is no cost to the consumer to do so.