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.
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