Payactiv is proud to now be a licensed Earned Wage Access (EWA) provider in the state of Maryland. In becoming licensed, Payactiv commits to upholding consumer protections enumerated in the Earned Wage Access Credit Modernization Act passed last year.
This licensure is a positive step for both employers and workers in the state, who can continue to offer and access their own, earned wages without creation of a debt, risk of credit reporting, imposition of interest, and other hallmarks of lending. It further ensures workers have access to a responsible alternative to high-cost alternatives, like payday lending and bank account overdraft.
Payactiv applauds Maryland’s policy leaders for establishing a clear oversight framework for EWA that embeds strong consumer protections while providing guardrails for responsible innovation and growth. We have valued the opportunity to work alongside policymakers and stakeholders in Maryland over the past several years and look forward to continuing to serve Maryland employers and employees under this new licensing framework.
