During the , a legal view issued of the California Department away from Financial Security and you may Innovation (“DFPI”) determined that manager-considering earned wage accessibility (“EWA”) purchases aren’t money under the California Resource Rules and you will Ca Deferred Put Deal Rules. The latest DFPI’s judge viewpoint really stands to provide high quality towards the EWA business and may enable the went on use of acquired wage supply as the an approach to employees’ demands for reduced-cost short term liquidity.
Before dive towards DFPI courtroom viewpoint, we temporarily encourage readers of your own first design out of EWA apps. Although the specific structure of each program changes, EWA programs fundamentally belong to two broad groups:
- Direct So you can Individual Designs are offered right to workers, without the employer’s involvement. Continue reading “The most significant of these facts is the status away from an enthusiastic EWA deal as the a low-borrowing purchase”