"New Jersey Earned Wage Access Services Act"; concerns regulation of earned wage access services.

The New Jersey Earned Wage Access Services Act (S 4854) creates a regulatory framework for businesses that provide workers with early access to earned but unpaid wages before their regular payday. It requires these providers to obtain a license from the Commissioner of Banking and Insurance, maintain $100,000 in net worth and liquid assets, and follow strict consumer protection rules. The law prohibits providers from charging late fees, using credit scores for eligibility, sharing fees with employers, or misleading consumers about the voluntary nature of tips, while requiring clear fee disclosure and allowing consumers to cancel services without fees. It sets a maximum fee of $5 per transaction and explicitly defines these services as not being loans, credit, or money transmission under state law. The law exempts depository institutions and employers who directly provide early wage access to their employees.