On May 21 in Columbia, South Carolina Governor Henry McMaster signed into law an earned wage access (EWA) bill that creates a new registration system for EWA providers and encodes important consumer protections into law.
Sponsored by Senator Tom Davis, the bill received broad bipartisan support in both chambers, including unanimous passage in the Senate.
South Carolina joins a growing number of states that recognize new, innovative legislation is required for appropriate regulation of the EWA industry – including Nevada, Missouri, Kansas, and Wisconsin. Two additional states – Arizona and Montana – have also released Attorneys General Opinions on EWA.
Payactiv supports this regulation and is proud to already provide the consumer protections in the bill. Payactiv expects it will soon become a registered EWA provider in South Carolina, once the application is created and released.
