AFC and its members collaborated with Senators Nicole Cannizzaro and Roberta Lange and Assemblywoman Sandra Jauregui to draft Senate Bill 290 (SB 290) that creates important consumer protection safeguards while allowing employees to access wages that have already been earned

AFC joined its members in Carson City on multiple occasions to testify before the Nevada State Senate and State Assembly and urged Governor Lombardo to sign the bipartisan legislation into law

Carson City, NV (June 16, 2023) – The American Fintech Council (AFC) applauds Senate Majority Leader Nicole Cannizzaro, Senate Deputy Leader Roberta Lange, and Assembly Majority Leader Sandra Jauregui for their partnership in drafting important legislation to create the first-in-the-nation standards and safeguards for EWA, and Governor Joe Lombardo for expeditiously signing the bill into law. AFC, the premier industry association representing responsible fintech companies creating critical standards and access to safe financial services, collaborated with members and a diverse coalition of stakeholders to advocate for important regulatory standards for EWA companies that will help protect Nevada consumers.

“As the first state in the nation to embrace regulatory standards for the nascent EWA industry, we are confident Nevada will serve as a leader to enable consumer access to their finances without compromising on consumer protection,” said Phil Goldfeder, CEO of the American Fintech Council. “Thank you to Senators Cannizzaro and Lange and Assemblywoman Sandra Jauregui for their tireless efforts on behalf of their constituents and all Nevada families in need of additional safe and affordable financial options.”

“DailyPay is proud to be part of the broad coalition that helped to develop this bill, which received wide, bipartisan support,” said Kevin Coop, CEO of DailyPay. “In its final form, this law includes strong, first-in-the-nation consumer protections for Nevada's hundreds of thousands of earned wage access consumers and allows DailyPay to advance its mission to empower American workers to improve their financial health by avoiding expensive and predatory financial products and strategies.”

The bill creates and requires state licensing for all EWA providers operating in Nevada, including those who integrate with business as well as companies that offer services direct to consumers. The bill codifies industry best practices and first-in-the-nation consumer protections, including strong transparency, non-recourse, no late fees, no debt collection, no credit reporting, no collection activity of any kind, and a requirement that a “no cost” option must be offered to all EWA users.  

AFC testified in front of the Senate and Assembly committees in Carson City on behalf of the bill.

“Earned wage access provides a needed and affordable alternative to high-cost credit and debt options in the marketplace,” said Gerron Levi, Senior Vice President, Head of Government Affairs at AFC in her May 2023 testimony before the Nevada Assembly Committee on Commerce and Labor. “AFC fully supports the state setting standards and parameters for responsible providers and responsible use of this product, and that honors key features and principles…allowing workers to access their wages early is an option that Nevada consumers deserve.”

In a letter to Governor Lombardo earlier this week, AFC urged his strong consideration for the bill and his immediate signing.

“Employees appreciate this new option because in today’s modern economy, Nevada residents, like most Americans, expect life on-demand,” wrote AFC in their letter. “In addition, nearly three quarters of Americans today live paycheck to paycheck. But bills and emergencies do not wait every two weeks or once a month for an employer to run payroll. EWA solves for these disconnects by facilitating access to already earned wages - not future wages - for a low, flat, ATM-like fee.”  

The Nevada bill creates a blueprint for EWA regulation that received broad, bipartisan support and is likely to be a model bill for other states to adopt.