Earned wage access (EWA) services providers are businesses that provide consumers with access to their earned but unpaid wages. EWA services providers are permitted to:
- impose fees for delivery, or expedited delivery, of proceeds to Wisconsin consumers.
- charge a subscription or membership fee for a bona fide group of services that include EWA services.
- ask Wisconsin consumers to provide a voluntary tip, gratuity or other donation for their service.
Providers are required to provide
consumers at least one reasonable option to obtain earned but
unpaid wages at no cost and must clearly explain how to select that
no-cost option to the consumer.
Frequent Links
- Applications - Licenses must be applied for through the Nationwide Multistate Licensing System & Registry (NMLS). Links to NMLS resources are found below. Questions pertaining to Wisconsin licensing requirements should be directed to DFI_LFS@dfi.wisconsin.gov. Questions pertaining to NMLS account creation and the completion of NMLS forms can be directed to the NMLS Resource Center at 1-855-665-7123 (Monday - Friday, 8:00 AM to 8:00 PM Central Time).
- License Amendment Instructions
- Refer to the applicable Wisconsin NMLS Amendment Checklist for
instructions on how notify the Division of Banking about changes to:
- Direct Owners, Indirect Owners, Affiliates or Subsidiaries
- Executive Officers or other Control Persons
- Addresses
- Legal Names or Trade Names
- Legal Status
- Disclosure Question and Answers
Helpful Information
- Financial Statement Requirements
- The
licensed legal entity's calendar year-end financial statements must be
uploaded to the financial statement section of NMLS by July 1st of
subsequent year.
- Financial
statements must include a balance sheet & income statement and be
prepared in accordance with generally accepted accounting principles.
- Licensees must maintain tangible net worth of $50,000 and positive working capital.
- When
evaluating a licensee's tangible net worth and net working capital, the
division discounts intangibles; receivables from officers,
stockholders, and other related parties; employee advances; receivables
over 120 days past due; and any other assets of questionable value.
Cybersecurity 101 – a
resource developed by the Conference of State Bank Supervisors intended
to be an easily-digestible, non-technical reference guide to help
executives develop a comprehensive, responsive cybersecurity program in
line with best practices.
- Ransomware Self-Assessment Tool
– a resource updated October 15, 2024, and developed by the Conference of State Bank Supervisors in conjunction with state bank examiners, the Bankers Electronic Crimes Taskforce, and the United States Secret Service which contains important controls that all types of companies should use to assess their efforts to mitigate risks associated with ransomware and to identify opportunities for increasing security.
Contact Us
Phone: (608) 261-7578
Email: DFI_LFS@dfi.wisconsin.gov