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