EARNED WAGE ACCESS SERVICES ACT

HB 59, the Earned Wage Access Services Act, creates a licensing system for companies that offer workers early access to earned but unpaid wages (like salary or hourly pay not yet paid by an employer). It requires these providers to obtain a license from New Mexico's Financial Institutions Division, with exemptions for banks, credit unions, and employers offering direct advances. The law defines key terms like "earned but unpaid income" and clarifies that these services are not loans or money transmission. This directly affects workers using such services and the businesses providing them, establishing rules for licensing, fees, and provider conduct.