In a historic year for EWA legislation, Missouri Governor Mike Parson signed the country’s second EWA bill into law on July 6, 2023. This bill establishes a registration system for EWA providers in Missouri, confirms EWA is not a credit product, and creates a number of important consumer protections for Missourians.
Employers in Missouri have welcomed the bill, as the licensing system improves compliance processes and makes it easier for employers to determine which EWA providers are registered in the state.
Modeled after Nevada’s gold-standard legislation, the passage of the EWA bill in Missouri provides momentum for licensing or registering EWA providers across the states and affirms EWA is not a payday loan. As the second bill to pass this year, it is clear that policymakers across the states have recognized EWA is a unique, innovative financial product that does not fit into legacy frameworks and requires its own registration or licensing system.
Payactiv supports this bill and looks forward to becoming a registered EWA provider in Missouri.
