Earned wage access services; licensure requirements, prohibited practices, penalties. (HB1921)

Introduced By

Del. Amanda Batten (R-Toano)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Financial institutions; earned wage access services; licensure requirements; penalties. Prohibits any person from providing earned wage access services without first obtaining a license from the State Corporation Commission. The bill provides for qualifications for licensure, posting of a bond, annual fees, recordkeeping, reporting, and disclosure requirements. The bill authorizes the Commission to investigate and examine applicants and licensees, to suspend and revoke licenses, and to impose a civil penalty of up to $1,000 for violations of the earned wage access services provisions. The bill authorizes the Attorney General to investigate violations of its provisions and seek damages or other relief allowed by applicable law and specifies that any violation of its provisions constitutes a prohibited practice for purposes of the Virginia Consumer Protection Act. The bill provides that any person who engages in earned wage access services without having first obtained a license from the Commission is guilty of a Class 1 misdemeanor. The bill licensure requirements have a delayed effective date of January 1, 2025, and the bill requires any person required to be licensed by the Commission to engage in earned wage access services to submit an application for licensure no later than October 1, 2024. Read the Bill »

Status

02/25/2023: failed house

History

DateAction
01/10/2023Committee
01/10/2023Prefiled and ordered printed; offered 01/11/23 23103913D
01/10/2023Referred to Committee on Commerce and Energy
01/17/2023Impact statement from SCC (HB1921)
01/19/2023Assigned sub: Subcommittee #1
01/24/2023House subcommittee amendments and substitutes offered
01/24/2023Subcommittee recommends reporting with substitute (5-Y 2-N)
01/31/2023House committee, floor amendments and substitutes offered
01/31/2023Reported from Commerce and Energy with substitute (11-Y 9-N) (see vote tally)
01/31/2023Committee substitute printed 23105986D-H1
02/02/2023Read first time
02/03/2023Passed by for the day
02/06/2023Read second time
02/06/2023Committee substitute agreed to 23105986D-H1
02/06/2023Engrossed by House - committee substitute HB1921H1
02/07/2023Impact statement from SCC (HB1921H1)
02/07/2023Read third time and passed House (53-Y 46-N)
02/07/2023VOTE: Passage (53-Y 46-N) (see vote tally)
02/08/2023Constitutional reading dispensed
02/08/2023Referred to Committee on Commerce and Labor
02/13/2023Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
02/13/2023Committee substitute printed 23106623D-S1
02/15/2023Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/16/2023Read third time
02/16/2023Reading of substitute waived
02/16/2023Committee substitute agreed to 23106619D-S1
02/16/2023Engrossed by Senate - committee substitute HB1921S1
02/16/2023Passed Senate with substitute (40-Y 0-N) (see vote tally)
02/20/2023Placed on Calendar
02/20/2023Impact statement from SCC (HB1921S1)
02/20/2023Senate substitute rejected by House 23106619D-S1 (32-Y 66-N)
02/20/2023VOTE: REJECTED (32-Y 66-N) (see vote tally)
02/21/2023Placed on Calendar
02/21/2023Senate insisted on substitute (39-Y 0-N) (see vote tally)
02/21/2023Senate requested conference committee
02/22/2023House acceded to request
02/22/2023Conferees appointed by House
02/22/2023Delegates: Batten, O'Quinn, Sullivan
02/23/2023Conferees appointed by Senate
02/23/2023Senators: Mason, Lucas, Newman
02/25/2023No further action taken
02/25/2023Failed to pass in House