Multiple Agency Fiscal Note Summary — 5328 SB: Earned wage access services
Summary
A Final Multiple Agency Fiscal Note Summary, with a date published of January 31, 2025, for Bill Number 5328 SB, titled Earned wage access services. The rollup lists the Department of Financial Institutions at 1.4 FTEs and 425,263 in estimated operating expenditures for 2025-27, and 246,300 in estimated cash receipts. The Judicial Impact Fiscal Note marks No Fiscal Impact. The Department of Financial Institutions note says the bill requires licensing beginning July 1, 2026 and sets business practices for licensees, and that the department estimates approximately 28 companies will be subject to licensing and expects to set the initial licensing fee at $1,500.
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“Multiple Agency Fiscal Note Summary — 5328 SB: Earned wage access services.”
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Multiple Agency Fiscal Note Summary
Bill Number: 5328 SB Title: Earned wage access services
Estimated Cash Receipts
Agency Name 2025-27 2027-29 2029-31
GF-State NGF-Outlook Total GF-State NGF-Outlook Total GF-State NGF-Outlook Total
Department of 0 0 246,300 0 0 818,400 0 0 818,400
Financial Institutions
Total $ 0 0 246,300 0 0 818,400 0 0 818,400
Agency Name 2025-27 2027-29 2029-31
GF- State Total GF- State Total GF- State Total
Local Gov. Courts No fiscal impact
Loc School dist-SPI
Local Gov. Other
Local Gov. Total
Estimated Operating Expenditures
Agency Name 2025-27 2027-29 2029-31
FTEs GF-State NGF-Outlook Total FTEs GF-State NGF-Outlook Total FTEs GF-State NGF-Outlook Total
Administrative .0 0 0 0 .0 0 0 0 .0 0 0 0
Office of the
Courts
Department of 1.4 0 0 425,263 2.5 0 0 773,826 2.5 0 0 853,102
Financial
Institutions
Washington .0 0 0 0 .0 0 0 0 .0 0 0 0
State Patrol
Department of .0 0 0 0 .0 0 0 0 .0 0 0 0
Labor and
Industries
Total $ 1.4 0 0 425,263 2.5 0 0 773,826 2.5 0 0 853,102
Agency Name 2025-27 2027-29 2029-31
FTEs GF-State Total FTEs GF-State Total FTEs GF-State Total
Local Gov. Courts No fiscal impact
Loc School dist-SPI
Local Gov. Other
Local Gov. Total
Estimated Capital Budget Expenditures
FNPID 72123
:
FNS029 Multi Agency rollup
Agency Name 2025-27 2027-29 2029-31
FTEs Bonds Total FTEs Bonds Total FTEs Bonds Total
Administrative Office of .0 0 0 .0 0 0 .0 0 0
the Courts
Department of Financial .0 0 0 .0 0 0 .0 0 0
Institutions
Washington State Patrol .0 0 0 .0 0 0 .0 0 0
Department of Labor and .0 0 0 .0 0 0 .0 0 0
Industries
Total $ 0.0 0 0 0.0 0 0 0.0 0 0
Agency Name 2025-27 2027-29 2029-31
FTEs GF-State Total FTEs GF-State Total FTEs GF-State Total
Local Gov. Courts No fiscal impact
Loc School dist-SPI
Local Gov. Other
Local Gov. Total
Estimated Capital Budget Breakout
Prepared by: Megan Tudor, OFM Phone: Date Published:
(360) 890-1722 Final 1/31/2025
FNPID 72123
:
FNS029 Multi Agency rollup
Judicial Impact Fiscal Note
Bill Number: 5328 SB Title: Earned wage access services Agency: 055-Administrative Office of
the Courts
Part I: Estimates
X No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Expenditures from:
NONE
Estimated Capital Budget Impact:
NONE
The revenue and expenditure estimates on this page represent the most likely fiscal impact. Responsibility for expenditures may be
subject to the provisions of RCW 43.135.060.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note form
Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
Legislative Contact Clinton McCarthy Phone: 360-786-7319 Date: 01/17/2025
Agency Preparation: Devon Dieckman Phone: 3607044020 Date: 01/30/2025
Agency Approval: Chris Stanley Phone: 360-357-2406 Date: 01/30/2025
OFM Review: Gaius Horton Phone: (360) 819-3112 Date: 01/31/2025
199,113.00 Request # 053-1
Form FN (Rev 1/00) 1 Bill # 5328 SB
FNS061 Judicial Impact Fiscal Note
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact on the Courts
Establishes Washington State Earned Wage Access Services Act as a new chapter in Title 31 RCW. Beginning 07/01/2026 this will
require certain payday lenders to be licensed by the Department of Financial Institutions (DFI). Along with this it establishes licensing
procedures and requirements, the specific duties of those involved and prohibited acts, and provides the DFI regulation, investigations
and enforcement of these requirements. This bill authorizes the DFI to apply to superior court for ex parte orders
pre-authorizing/approving subpoenas, specifies venues and content of applications, requires granting if the application sufficient, and
makes applications subject to RCW 36.18.012(3). Finally, it authorizes DFI actions in Superior Court to enforce and enjoin violations and
mandates injunctive relief be granted “upon proper showing” (Section 16(3)), classifies violations with no prescribed penalty as gross
misdemeanors (Section 17(1)), and makes certain proceedings subject to Administrative Procedures Act (Section 19)
Section 13 establishes the procedure for seeking order pre-authorizing/approving subpoenas. This will increase court filings to the
extent that this procedure is used.
II. B - Cash Receipts Impact
None
II. C - Expenditures
No or minimal fiscal impact to the Administrative Office of the Courts.
Part III: Expenditure Detail
III. A - Expenditure By Object or Purpose (State)
NONE
III. B - Expenditure By Object or Purpose (County)
NONE
III. C - Expenditure By Object or Purpose (City)
NONE
III. D - FTE Detail
NONE
III. E - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE
IV. B1 - Expenditures by Object Or Purpose (State)
NONE
IV. B2 - Expenditures by Object Or Purpose (County)
NONE
IV. B3 - Expenditures by Object Or Purpose (City)
NONE
199,113.00 Request # 053-1
Form FN (Rev 1/00) 2 Bill # 5328 SB
FNS061 Judicial Impact Fiscal Note
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
None
199,113.00 Request # 053-1
Form FN (Rev 1/00) 3 Bill # 5328 SB
FNS061 Judicial Impact Fiscal Note
Individual State Agency Fiscal Note
Bill Number: 5328 SB Title: Earned wage access services Agency: 102-Department of Financial
Institutions
Part I: Estimates
No Fiscal Impact
Estimated Cash Receipts to:
ACCOUNT FY 2026 FY 2027 2025-27 2027-29 2029-31
Financial Services Regulation 42,000 204,300 246,300 818,400 818,400
Account-Non-Appropriated 300-6
Total $ 42,000 204,300 246,300 818,400 818,400
Estimated Operating Expenditures from:
FY 2026 FY 2027 2025-27 2027-29 2029-31
FTE Staff Years 0.2 2.5 1.4 2.5 2.5
Account
Financial Services Regulation 57,748 367,515 425,263 773,826 853,102
Account-Non-Appropriated 300
-6
Total $ 57,748 367,515 425,263 773,826 853,102
Estimated Capital Budget Impact:
NONE
The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
X
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
X Requires new rule making, complete Part V.
Legislative Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/17/2025
Agency Preparation: Cale Zimmerman Phone: (360) 902-0507 Date: 01/21/2025
Agency Approval: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/21/2025
OFM Review: Megan Tudor Phone: (360) 890-1722 Date: 01/21/2025
Form FN (Rev 1/00) 197,968.00 Request # 25-008-2
FNS063 Individual State Agency Fiscal Note 1 Bill # 5328 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
This bill creates a new chapter titled the Earned Wage Access Services Act, which creates and establishes a new program
in the Department of Financial Institutions (DFI) to regulate earned wage access products and services. Earned wage
access (EWA) products allow employees to receive advance proceeds based on a consumer’s earned but unpaid income.
The bill states that any person offering EWA services must be licensed beginning July 1, 2026. Sections 3-5 set forth the
general licensing application requirements and process. Section 9 states business practices that licensees must comply with,
including certain disclosure requirements. Section 10 adds a fee limit of up to $7 for any fee for delivery or expedited
delivery of an EWA services transaction. Licensees are also subject to DFI's examination and enforcement authority;
which are similar to the requirements set forth in the Consumer Loan Act, chapter 31.04 RCW.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
DFI estimates that approximately 28 companies will be subject to licensing under the proposed legislation. The fees
anticipated in the bill will be set by rule and DFI will set appropriate fee structures to cover costs.
DFI expects to set the initial licensing fee for Earned Wage Access service providers at $1,500. The agency expects to
collect about $42,000 ($1,500 x 28) in initial licensing fees during FY26 from the estimated 28 companies. DFI expects
additional companies to start conducting EWA activities and requiring licensure, resulting in collection of about $3,000
($1,500 x 2) in FY27 and ongoing.
Licensees under the proposed legislation will pay an annual assessment fee based on their volume of business the previous
year. The first annual assessment fees will be due in FY27 for business conducted in calendar year 2026. DFI estimates
the following revenue under the assumption that licensees will handle an average of $22,250,000 a year in funds. In a report
published July 18, 2024, the Consumer Financial Protection Bureau estimates that the number of earned wage access
transactions grew by over 90% from 2021 to 2022, with more than 7 million workers accessing approximately $22 billion in
2022. DFI expects to collect $186,900 during FY27 (assessment would cover activity from July-December 2026) and
$373,800 during FY28 and ongoing.
In addition, each licensee under the proposed legislation is subject to examination. Examinations are billed hourly and billable
exam costs are expected to be $14,400 in FY27 and $32,400 in FY28 and beyond.
For purposes of this fiscal note, investigative fees are not included as they are indeterminate.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
One-time expenditures:
The proposed legislation creates a new license type. DFI will need to revise existing computer applications. IT contract
costs are estimated to be $29,500 in FY26.
Ongoing expenditures:
DFI will collect financial, criminal background information, and other identifying information for review of suitability for
licensure.
Earned wage access services 102-Department of Financial Institutions
Form FN (Rev 1/00) 197,968.00 Request # 25-008-2
FNS063 Individual State Agency Fiscal Note 2 Bill # 5328 SB
DFI will have authority to examine and investigate each licensee.
DFI will receive, investigate, and resolve complaints.
DFI will have enforcement authority.
The costs of conducting these activities are represented by the FTE estimates below:
Program FTEs in FY26 and beyond:
FTE Position Functional Unit
0.2 Management Analyst 5 Licensing
0.2 Total Program FTEs
Program FTEs in FY27 and beyond:
FTE Position Functional Unit
0.1 Management Analyst 4 Exams
1.0 Financial Examiner 3 Exams
0.5 Financial Examiner 4 Exams
0.2 Financial Legal Examiner 3 Enforcement
0.2 Financial Legal Examiner Supv.Enforcement
2.0 Total Program FTEs
Administrative overhead is calculated at 15% of program FTEs using a Management Analyst 5 as a representative position,
which comes to an additional 0.3 FTEs and $42,121 starting in FY 27. Expenditure growth is projected at 5% per year to
account for standard salary progression.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
Account Account Title Type FY 2026 FY 2027 2025-27 2027-29 2029-31
300-6 Financial Services Non-Appr 57,748 367,515 425,263 773,826 853,102
Regulation Account opriated
Total $ 57,748 367,515 425,263 773,826 853,102
III. B - Expenditures by Object Or Purpose
FY 2026 FY 2027 2025-27 2027-29 2029-31
FTE Staff Years 0.2 2.5 1.4 2.5 2.5
A-Salaries and Wages 18,978 243,889 262,867 524,971 578,781
B-Employee Benefits 5,831 82,244 88,075 177,031 195,176
C-Professional Service Contracts 29,500 29,500
E-Goods and Other Services 2,639 33,182 35,821 71,424 78,745
G-Travel 200 200 400 400
J-Capital Outlays 800 8,000 8,800
M-Inter Agency/Fund Transfers
N-Grants, Benefits & Client Services
P-Debt Service
S-Interagency Reimbursements
T-Intra-Agency Reimbursements
9-
Total $ 57,748 367,515 425,263 773,826 853,102
Earned wage access services 102-Department of Financial Institutions
Form FN (Rev 1/00) 197,968.00 Request # 25-008-2
FNS063 Individual State Agency Fiscal Note 3 Bill # 5328 SB
III. C - Operating FTE Detail: List FTEs by classification and corresponding annual compensation. Totals need to agree with total FTEs in
Part I and Part IIIA
Job Classification Salary FY 2026 FY 2027 2025-27 2027-29 2029-31
Financial Examiner 3 86,712 1.0 0.5 1.0 1.0
Financial Examiner 4 95,652 0.5 0.3 0.5 0.5
Financial Legal Examiner 3 91,068 0.2 0.1 0.2 0.2
Financial Legal Examiner Supervisor 141,599 0.2 0.1 0.2 0.2
Management Analyst 4 74,724 0.1 0.1 0.1 0.1
Management Analyst 5 82,512 0.2 0.5 0.4 0.5 0.5
Total FTEs 0.2 2.5 1.4 2.5 2.5
III. D - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE
IV. B - Expenditures by Object Or Purpose
NONE
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
The proposed legislation grants DFI the authority to adopt rules as necessary to implement the provisions of the bill. Based on
the proposed legislation, DFI will need to draft a new WAC chapter. Rulemaking costs will be absorbed.
Earned wage access services 102-Department of Financial Institutions
Form FN (Rev 1/00) 197,968.00 Request # 25-008-2
FNS063 Individual State Agency Fiscal Note 4 Bill # 5328 SB
Individual State Agency Fiscal Note
Bill Number: 5328 SB Title: Earned wage access services Agency: 225-Washington State Patrol
Part I: Estimates
X No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Operating Expenditures from:
NONE
Estimated Capital Budget Impact:
NONE
The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
Requires new rule making, complete Part V.
Legislative Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/17/2025
Agency Preparation: Lindsey Ulrich Phone: 360-596-4072 Date: 01/17/2025
Agency Approval: Mario Buono Phone: (360) 596-4046 Date: 01/17/2025
OFM Review: Maria Thomas Phone: (360) 229-4717 Date: 01/17/2025
Form FN (Rev 1/00) 197,404.00 Request # 25-019-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5328 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
The proposed legislation does not have a fiscal impact to the Washington State Patrol (WSP).
The proposed legislation would establish a new chapter for the licensing and regulation of businesses providing earned wage
access services.
New section 4(2)(a)(i) requires applications for licenses to provide identifying information, including fingerprints for
submission to WSP or any governmental agency or entity, authorized to receive this information for a state and national
criminal history background check.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
There is no cash receipt impact to WSP.
The Department of Financial Institutions (DFI) stated they will be processing background checks through a nationwide
system; therefore, there is no cash receipt impact to WSP.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
There is no fiscal impact to WSP.
DFI stated they will be processing background checks through a nationwide system; therefore, there is no fiscal impact to
WSP.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
NONE
III. B - Expenditures by Object Or Purpose
NONE
III. C - Operating FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part I
and Part IIIA.
NONE
III. D - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
Earned wage access services 225-Washington State Patrol
Form FN (Rev 1/00) 197,404.00 Request # 25-019-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5328 SB
NONE
IV. B - Expenditures by Object Or Purpose
NONE
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
NONE
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Earned wage access services 225-Washington State Patrol
Form FN (Rev 1/00) 197,404.00 Request # 25-019-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5328 SB
Individual State Agency Fiscal Note
Bill Number: 5328 SB Title: Earned wage access services Agency: 235-Department of Labor and
Industries
Part I: Estimates
X No Fiscal Impact
Estimated Cash Receipts to:
NONE
Estimated Operating Expenditures from:
NONE
Estimated Capital Budget Impact:
NONE
The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.
Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).
Capital budget impact, complete Part IV.
Requires new rule making, complete Part V.
Legislative Contact: Clinton McCarthy Phone: 360-786-7319 Date: 01/17/2025
Agency Preparation: Shana J Snellgrove Phone: 000-000-0000 Date: 01/17/2025
Agency Approval: Trent Howard Phone: 360-902-6698 Date: 01/17/2025
OFM Review: Courtney Kinney Phone: 360 584 5705 Date: 01/17/2025
Form FN (Rev 1/00) 197,412.00 Request # 026-GAPD-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5328 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency by
section number.
The proposed bill creates a new chapter establishing licensing requirements for businesses that provide advanced payment
of earned wages to individuals.
The proposed bill does not have fiscal impact for the Department of Labor and Industries. All licensing and regulatory
requirements are under the Department of Financial Institutions. There is no enforcement, other regulatory requirements, or
overlap to statutes that L&I oversees.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate, the
detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived. Explanation
of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.
None.
II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result in
the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the expenditure
impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing functions.
None.
Part III: Expenditure Detail
III. A - Operating Budget Expenditures
NONE
III. B - Expenditures by Object Or Purpose
NONE
III. C - Operating FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part I
and Part IIIA.
NONE
III. D - Expenditures By Program (optional)
NONE
Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE
IV. B - Expenditures by Object Or Purpose
NONE
IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.
Earned wage access services 235-Department of Labor and Industries
Form FN (Rev 1/00) 197,412.00 Request # 026-GAPD-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5328 SB
NONE
IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.
NONE
Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.
Earned wage access services 235-Department of Labor and Industries
Form FN (Rev 1/00) 197,412.00 Request # 026-GAPD-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5328 SB
Multiple Agency Ten-Year Analysis Summary
Bill Number Title
5328 SB Earned wage access services
This ten-year analysis is limited to the estimated cash receipts associated with the proposed tax or fee increases.
Estimated Cash Receipts
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2026-35
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 TOTAL
Administrative Office of the Courts 0 0 0 0 0 0 0 0 0 0 0
Department of Financial Institutions 42,000 204,300 409,200 409,200 409,200 409,200 409,200 409,200 409,200 409,200 3,519,900
Washington State Patrol 0 0 0 0 0 0 0 0 0 0 0
Department of Labor and Industries 0 0 0 0 0 0 0 0 0 0 0
Total 42,000 204,300 409,200 409,200 409,200 409,200 409,200 409,200 409,200 409,200 3,519,900
FNS067 Multiple Agency Ten-Year Analysis Summary 1
Ten-Year Analysis
Bill Number Title Agency
5328 SB Earned wage access services 055 Administrative Office of the Courts
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Estimates
X No Cash Receipts Partially Indeterminate Cash Receipts Indeterminate Cash Receipts
Name of Tax or Fee Acct
Code
Agency Preparation: Devon Dieckman Phone: 3607044020 Date: 1/30/2025 10:10:26 am
Agency Approval: Chris Stanley Phone: 360-357-2406 Date: 1/30/2025 10:10:26 am
OFM Review: Phone: Date:
FNS066 Ten-Year Analysis 1
Ten-Year Analysis
Bill Number Title Agency
5328 SB Earned wage access services 102 Department of Financial Institutions
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Estimates
No Cash Receipts Partially Indeterminate Cash Receipts Indeterminate Cash Receipts
Estimated Cash Receipts
Name of Tax or Fee Acct Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2026-35
Code 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 TOTAL
Earned Wage Access Assessment Fee 300 186,900 373,800 373,800 373,800 373,800 373,800 373,800 373,800 373,800 3,177,300
Earned Wage Access Examination Fee 300 14,400 32,400 32,400 32,400 32,400 32,400 32,400 32,400 32,400 273,600
Earned Wage Access Licensing Fee 300 42,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 69,000
Total 42,000 204,300 409,200 409,200 409,200 409,200 409,200 409,200 409,200 409,200 3,519,900
Biennial Totals 246,300 818,400 818,400 818,400 818,400 3,519,900
Narrative Explanation (Required for Indeterminate Cash Receipts)
This bill creates a new chapter titled the Earned Wage Access Services Act, which creates and establishes a new program in the Department of Financial Institutions (DFI)
to regulate earned wage access products and services. Earned wage access (EWA) products allow employees to receive advance proceeds based on a consumer’s earned
but unpaid income. The bill states that any person offering EWA services must be licensed beginning July 1, 2026. Sections 3-5 set forth the general licensing application
requirements and process. Section 9 states business practices that licensees must comply with including certain disclosure requirements. Section 7 adds a fee limit of up
to $7 for any fee for delivery or expedited delivery of an EWA services transaction. Licensees are also subject to DFI’s examination and enforcement authority; which are
similar to the requirements set forth in the Consumer Loan Act, chapter 31.04 RCW.
DFI estimates that approximately 28 companies will be subject to licensing under the proposed legislation. The fees anticipated in the bill will be set by rule and DFI will set
appropriate fee structures to cover costs.
DFI expects to set the initial licensing fee for Earned Wage Access service providers at $1,500. The agency expects to collect about $42,000 ($1,500 x 28) in initial licensing
fees during FY26 from the estimated 28 companies. DFI expects additional companies to start conducting EWA activities and requiring licensure, resulting in collection of
about $3,000 ($1,500 x 2) in FY27 and ongoing.
FNS066 Ten-Year Analysis 1
Ten-Year Analysis
Bill Number Title Agency
5328 SB Earned wage access services 102 Department of Financial Institutions
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Narrative Explanation (Required for Indeterminate Cash Receipts)
Licensees under the proposed legislation will pay an annual assessment fee based on their volume of business the previous year. The first annual assessment fees will be
due in FY27 for business conducted in calendar year 2026. DFI estimates the following revenue under the assumption that licensees will handle an average of $22,250,000 a
year in funds. In a report published July 18, 2024, the Consumer Financial Protection Bureau estimates that the number of earned wage access transactions grew by over
90% from 2021 to 2022, with more than 7 million workers accessing approximately $22 billion in 2022. DFI expects to collect $186,900 during FY27 (assessment would
cover activity from July-December 2026) and $373,800 during FY28 and ongoing.
In addition, each licensee under the proposed legislation is subject to examination. Examinations are billed hourly and billable exam costs are expected to be $14,400 in
FY27 and $32,400 in FY28 and beyond.
For purposes of this fiscal note, investigative fees are not included as they are indeterminate.
Agency Preparation: Cale Zimmerman Phone: (360) 902-0507 Date: 1/21/2025 3:35:19 pm
Agency Approval: Emily Fitzgerald Phone: (360) 902-8780 Date: 1/21/2025 3:35:19 pm
OFM Review: Phone: Date:
FNS066 Ten-Year Analysis 2
Ten-Year Analysis
Bill Number Title Agency
5328 SB Earned wage access services 225 Washington State Patrol
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Estimates
X No Cash Receipts Partially Indeterminate Cash Receipts Indeterminate Cash Receipts
Name of Tax or Fee Acct
Code
Agency Preparation: Lindsey Ulrich Phone: 360-596-4072 Date: 1/17/2025 12:05:40 pm
Agency Approval: Mario Buono Phone: (360) 596-4046 Date: 1/17/2025 12:05:40 pm
OFM Review: Phone: Date:
FNS066 Ten-Year Analysis 1
Ten-Year Analysis
Bill Number Title Agency
5328 SB Earned wage access services 235 Department of Labor and Industries
This ten-year analysis is limited to agency estimated cash receipts associated with the proposed tax or fee increases. The Office of Financial Management
ten-year projection can be found at http://www.ofm.wa.gov/tax/default.asp .
Estimates
X No Cash Receipts Partially Indeterminate Cash Receipts Indeterminate Cash Receipts
Name of Tax or Fee Acct
Code
Agency Preparation: Shana J Snellgrove Phone: 000-000-0000 Date: 1/17/2025 12:42:16 pm
Agency Approval: Trent Howard Phone: 360-902-6698 Date: 1/17/2025 12:42:16 pm
OFM Review: Phone: Date:
FNS066 Ten-Year Analysis 1
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