Signed by Governor Ned Lamont

Vote Smart's Synopsis:

Vote to amend and pass a bill that authorizes workers to collect earned but unpaid wage or salary income in the form of advances.

Highlights:

• Authorizes workers to collect earned but unpaid wage or salary income in the form of advances (Sec. 1).

• Exempts “earned wage access” payments from certain portions of the state’s small loans law that limited how much borrowers can request to less than $750, prevents them from requesting more than what they will actually earn in a pay period, and caps any related finance charges at $4 per transaction, or a maximum of $30 per month (Sec. 1).

• Amends and restricts third-party earned wage access providers from pursuing people who fall behind on repayment (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes workers to collect earned but unpaid wage or salary income in the form of advances in Connecticut.

Highlights:

• Authorizes workers to collect earned but unpaid wage or salary income in the form of advances (Sec. 1).

• Exempts “earned wage access” payments from certain portions of the state’s small loans law that limited how much borrowers can request to less than $750, prevents them from requesting more than what they will actually earn in a pay period, and caps any related finance charges at $4 per transaction, or a maximum of $30 per month (Sec. 1).

• Amends and restricts third-party earned wage access providers from pursuing people who fall behind on repayment (Sec. 1).

Full Bill Text