HB 1125: Earned wage access services.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% (instead of 2%, under current law) of the loan amount on a loan that is secured by an interest in land and is not made under a revolving loan account. Provides that under certain circumstances, a lender may contract for and receive a nonrefundable prepaid finance charge of 3% (instead of 2%, under current law) of the line of credit on a loan that is secured by an interest in land and is made under a revolving loan account. Provides that: (1) if a joint agreement of merger is approved by the department of financial institutions, any credit union whose existence will terminate as a result of the merger shall submit the joint agreement to a vote of its shareholders as directed by the resolution of the board of directors; and (2) a majority of shareholders voting may approve the joint agreement. Establishes within the Indiana Code a new chapter, to be known as the Indiana Earned Wage Access Act (Act), governing the offering and provision of earned wage access services to Indiana consumers. Provides that the Act is to be administered by the division of consumer credit within the department of financial institutions (department). Sets forth provisions that address the following: (1) Definitions of terms. (2) Exemptions from the Act's requirements. (3) The department's supervisory authority under the Act. (4) The licensing of providers of earned wage access services (providers). (5) The acquisition of control of a licensee. (6) Reporting and record keeping requirements for licensees. (7) Duties of providers under the Act. (8) Prohibited acts by providers. (9) The department's enforcement authority under the Act. (10) Criminal liability for certain prohibited acts. (11) Statutory construction of the Act's provisions. Makes conforming changes to sections of the Indiana Code codified outside the Act.

Sponsors

Sponsors by party (alphabetical): Democratic 2 · Republican 4

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. May 6, 2025Signed by the Governor
2. May 6, 2025Public Law 222
3. April 29, 2025Signed by the President of the Senate
4. April 24, 2025Signed by the Speaker
5. April 24, 2025Signed by the President Pro Tempore
6. April 23, 2025Rules Suspended. Conference Committee Report 1: adopted by the Senate; Roll Call 500: yeas 44, nays 1
7. April 23, 2025Rules Suspended. Conference Committee Report 1: adopted by the House; Roll Call 530: yeas 67, nays 26
8. April 23, 2025CCR # 1 filed in the Senate
9. April 23, 2025CCR # 1 filed in the House
10. April 22, 2025Senator Qaddoura removed as conferee
11. April 22, 2025Senator Baldwin added as conferee
12. April 22, 2025Senator Baldwin removed as advisor

Showing 12 most recent of 33 actions. Full history