Wisconsin Becomes Third State to Implement Earned Wage Access Law
Industry leader DailyPay applauds the regulatory development, which codifies industry best practices and enacts robust consumer protections
DailyPay is proud to congratulate the broad bipartisan coalition that helped develop and pass a new pro-worker and pro-innovation licensing law in the State of Wisconsin,”
MADISON, WISCONSIN, UNITED STATES, March 21, 2024 /EINPresswire.com/ -- DailyPay, a worktech company and the leading provider of earned wage access, today celebrates a significant milestone as Wisconsin Governor Tony Evers signed Senate Bill (SB) 579/Assembly Bill (AB) 574 into law. This legislation received bipartisan support and creates a new license for earned wage access (EWA) products. — Jared DeMatteis, Chief Legal and Strategy Officer of DailyPay
“Earned wage access is an important tool helping workers and businesses in Wisconsin, and I am pleased, together with my Democratic colleagues in the Senate, that this bill ended up advancing consumer protections for those who utilize earned wage access,” said State Senator Melissa Agard.
“I thank the Governor and my colleagues in the Legislature for supporting Wisconsin’s new earned wage access law that I was proud to author,” said State Representative Alex Dallman. “By creating a license for on-demand pay, Wisconsin can continue to lead the nation by protecting consumers and fostering financial innovation and economic growth in our state."
SB 579/AB 574 create a regulatory framework that promotes innovation while upholding consumer protections for Wisconsin workers. Wisconsin is now the third state to regulate EWA as its own financial product. Nevada and Missouri passed EWA laws in 2023.
“DailyPay is proud to congratulate the broad bipartisan coalition that helped develop and pass a new pro-worker and pro-innovation licensing law in the State of Wisconsin,” said Jared DeMatteis, Chief Legal and Strategy Officer of DailyPay. “Earned wage access is a powerful financial wellness tool that leading employers across the country already offer to their employees and we look forward to continuing our proactive work with policymakers to encourage similar regulatory frameworks that allow for our industry to grow responsibly.”
As the industry leader in on-demand pay solutions, DailyPay remains dedicated to delivering innovative products and services that enhance workers' financial well-being nationwide. Earned wage access offers workers greater financial flexibility and control of their finances and is a safe and important alternative to payday loans and other high-cost financial options. With the enactment of Assembly Bill 574, the company looks forward to expanding its footprint in Wisconsin and supporting employers and employees alike in achieving their financial goals.
About DailyPay
DailyPay, Inc. is transforming the way people get paid. As the industry’s leading on-demand pay solution, DailyPay uses an award-winning technology platform to help America’s top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job, while supporting their financial well-being outside of the workplace. For more information, visit www.dailypay.com/press.
David Schwarz
DailyPay
david.schwarz@dailypay.com
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