AR: AF Letter to Governor of Arkansas, Sarah Huckabee Sanders, Urging to Sign HB 1517

The Honorable Sarah Huckabee Sanders
Governor of Arkansas
Suite 250,
State Capitol
500 Woodlane Street
Little Rock, AR 72201

Dear Governor Sanders:

We are writing on behalf of Earned Wage Access (EWA) providers to urge you to sign House Bill 1517 (HB 1517), the Earned Wage Access Services Act, when it arrives on your desk.

EWA is an innovative fintech product that allows users to access the wages they have already earned in a pay period ahead of their employers’ scheduled payday. This financial product empowers users to access their earned, yet unpaid money. HB 1517 is an important law governing a new and distinct financial product with distinct regulations. HB 1517 codifies clear standards on what constitutes a responsible EWA service, in line with industry best practices. These standards include:

● A voluntary no-cost option is available for all users;

● Fee disclosures are represented to users in a clear and transparent manner;

● No underwriting or credit checks are required to access the service; and

● The ability for users to cancel the EWA service at any time, without being subject to a “cancellation fee” tied to the service itself.

The provisions of HB 1517 reflect these standards. The bill also passed both the House and Senate with overwhelming bi-partisan support, demonstrating a broad base of support for this law across Arkansas.

On behalf of the fintech industry and responsible EWA providers, we ask that you sign HB 1517 when it reaches your desk.

Sincerely,

American Fintech Council
Ashley Urisman Director of State Government Affairs

Brigit
Tara Rider Vice President, Policy and Government Relations

Chamber of Progress

Kouri Marshall,
MPA Director, State and Local Public Policy Central/Southern Region

Cleo
Colin Jones General Counsel

Cross River Bank
Joe Horvath Government Affairs Director

DailyPay
Ryan Naples Vice President of Public Policy

EarnIn
Ben LaRocco Senior Director, Government Relations

MoneyLion
RaShawn Mitchell Head of Government Affairs

Payactiv
Molly Jones, Vice President, Head of Public Policy

Rain Technologies Inc.
Thomsas E. Scanlon, General Counsel & Chief Compliance Officer

Wagestream
Kevin Lefton, General Counsel

ZayZoon
Garth McAdam, General Counsel

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