South Carolina Becomes Latest State to Implement Earned Wage Access Law

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May 22, 2024, 09:00 ET

Industry leader DailyPay applauds EWA regulatory development, which codifies industry best practices and requires all EWA consumers to receive the same protections regardless of the product they're using

COLUMBIA, S.C., May 22, 2024 /PRNewswire/ -- DailyPay, a worktech company and the leading provider of earned wage access, celebrates a significant milestone as South Carolina Governor Henry McMaster signed Senate Bill 700 into law on May 21, 2024. This legislation received bipartisan support and created a new law for earned wage access (EWA) products.

Senate Bill 700 creates a new regulatory framework to protect all EWA consumers while promoting innovation. South Carolina is now the fifth state to regulate EWA as its own financial product. Kansas Governor Laura Kelly (D) signed a similar law on April 19, 2024.

"We're pleased to see overwhelming bipartisan support in the State of South Carolina as it becomes the fifth state to codify earned wage access," said Ryan Naples, Director of Public Policy for DailyPay. "This is a victory for employers and employees alike in the State of South Carolina who can benefit from utilizing earned wage access solutions – a financially responsible product. We commend South Carolina's Governor Henry McMaster for signing this important bipartisan bill that was supported by every Democrat in the state legislature. Financial wellness is not a partisan issue - and we are encouraged by the bipartisan recognition of EWA as an important and helpful financial wellness tool that is best regulated as its own financial product. "

As the industry leader in on-demand pay solutions, DailyPay remains dedicated to delivering innovative products and services that enhance workers' financial lives. Earned wage access offers workers greater financial flexibility and control of their finances and is a safe and important alternative to payday loans and other high-cost financial strategies and products. With the enactment of Senate Bill 700, DailyPay looks forward to supporting South Carolina employers and employees alike in achieving their financial goals.

“Earned wage access is an important tool helping workers and businesses in South Carolina, and I am pleased, together with my colleagues in the House, that this bill ended up advancing consumer protections for those who utilize earned wage access,” said State Representative Joe Jefferson (D-Berkeley).

“This new law draws a line between predatory practices and trustworthy earned wage access (EWA) services that offer value to consumers who have been shut out by the traditional pay cycle. Research consistently shows that financially vulnerable users are better off when they have access to the money they have already earned through EWA. This is why I am proud to support this new law that both protects consumers and helps all hard working employees in South Carolina achieve financial independence, said Representative Carl Anderson (D-Georgetown).”

“I thank the Governor and my colleagues in the Legislature for supporting South Carolina's new earned wage access law that I was proud to sponsor. By creating a new regulatory framework for on-demand pay, South Carolina can continue to lead the nation by empowering consumers to better manage their finances while fostering financial innovation and economic growth in our state," said bill sponsor and State Senator Tom Davis (R).

About DailyPay
DailyPay, Inc. is transforming the way people get paid. As a worktech company and the industry's leading earned wage access solution, DailyPay uses an award-winning technology platform to help America's top employers build stronger relationships with their employees. This voluntary employee benefit enables workers everywhere to feel more motivated to work harder and stay longer on the job while supporting their financial well-being outside of the workplace. DailyPay is headquartered in New York City. For more information, visit www.dailypay.com/press.

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SOURCE DailyPay