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 license 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.”
Ryan Naples, Director of Public Policy for DailyPay, said:
“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. 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.”
As noted in the update:
“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 player focused on on-demand pay solutions, DailyPay says that it “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 0700, DailyPay looks forward to “supporting South Carolina employers and employees alike in achieving their financial goals.”
As covered, DailyPay, Inc. claims that it “is transforming the way people get paid. As a worktech company and the industry’s 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.
