Effective July 1, 2024, the Nevada Department of Business and Industry, Financial Institutions Division, issued final regulations to further clarify requirements in the state’s earned wage access (EWA) law.
Last year, Nevada became the first state to pass an EWA law. Most of the provisions of the law took effect on July 1, 2024. The law defines terms, requires EWA providers to be licensed in the state, and sets requirements for EWA services. EWA services are not considered a loan.
The regulations clarify that cancellation fees are prohibited. They also detail what must be included in the application for an EWA provider license. Additional annual reporting requirements are clarified. Information on recordkeeping requirements and rules regarding advertising EWA products and services are also addressed.
Want more information about EWA? Check out PayrollOrg’s Hot Topic on EWA for the report, Understanding Earned Wage Access and Payroll (2nd Edition) and other resources.
Interested in more state and local payroll coverage? PayrollOrg’s PayState Update eNewsletter is perfect for you.
Lia Coniglio, Esq., is Managing Editor of PayState Update and Senior Manager of State Payroll Information Resources for PayrollOrg.
