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Industry Advisories - Advisory for Earned Wage Access Providers - Financial Regulation

Annual Reporting Requirements Under Commercial Law Article, §12-1506

Date Issued: May 5, 2026

  1. Purpose
    The Office of Financial Regulation (“OFR”) issues this Advisory to notify all Earned Wage Access Providers, as defined in Commercial Law Article, §12-1501, of their obligation to submit an annual report to OFR and to specify the information the Commissioner is seeking for the reporting year ending June 30, 2026.

    On April 3, 2026, OFR published proposed regulations at COMAR 09.03.10.06 to implement the annual reporting requirement established by 2025’s House Bill 1294. This Advisory is issued pursuant to the Commissioner’s authority under Commercial Law Article, §12-1506 and proposed COMAR 09.03.10.06(B) to advise Providers of the specific data the Commissioner is seeking for the initial reporting period. The comment period is now closed; OFR anticipates final regulations will be issued shortly.
  2. Information Required for the Reporting Period Ending June 30, 2026
    All data reported pursuant to this Advisory shall reflect activity involving Maryland consumers. For purposes of this Advisory, “consumer” means a consumer who is a resident of Maryland.
    1. Definitions and Reporting Methodology
      1. Repeat Consumer. As used in Section II(B)(3), a “repeat consumer” means a consumer who completed two or more earned wage access transactions during the reporting period.
      2. Average Number of Transactions Per Consumer. As used in Section II(B)(4), the average number of transactions per consumer shall be calculated using only consumers who completed at least one earned wage access transaction during the reporting period.
      3. Revenue. As used in Section II(B)(7), “total amount of revenue” means gross revenue collected directly from consumers during the reporting period.
      4. Processing Fees. As used in Section II(B)(8), “total amount of processing fees collected” means the total fees charged to consumers, as the term “fee” is defined in Commercial Law Article, §12-1501(h). This does not include payment processing, network, rail, or similar costs incurred by the provider that are not charged to the consumer.
    2. Baseline Reporting Items
      Each provider shall include the following information in its annual report for the reporting period of October 1, 2025 to April 30, 2026:
      1. Total number of consumers served;
      2. Total number of transactions;
      3. Total number of repeat consumers;
      4. Average number of transactions per consumer;
      5. Such consumer demographic information as set forth in Section III(C) of this Advisory;
      6. Default rates for consumers;
      7. Total amount of revenue; and
      8. Total amount of processing fees collected.
    3. Additional Information for Reporting Year 2026
      Pursuant to proposed COMAR 09.03.10.06(B), the Commissioner advises that, in addition to the baseline items set forth in Section II(A) above, each Provider shall include the following information in its annual report for the reporting period of October 1, 2025, through April 30, 2026:
      1. No-Cost Option Utilization. For each no-cost option offered by the Provider pursuant to Commercial Law Article, §12-1503(A)(3):
        1. The total number of transactions in which a consumer elected a no-cost option;
        2. The total number of transactions in which a consumer elected a fee-based option;
        3. The percentage of all transactions in which consumers elected the no-cost option;
        4. A description of each no-cost option offered, including the method of delivery and the average time between a consumer’s request for proceeds and the consumer’s receipt of proceeds under each no-cost option; and
        5. The average time between a consumer’s request for proceeds and the consumer’s receipt of proceeds under each fee-based option.
      2. Tip Data. If the Provider solicits, charges, or receives tips, gratuities, or other donations from consumers pursuant to Commercial Law Article, §12-1503(A)(9):
        1. The total amount of tips, gratuities, or other donations received;
        2. The total number of transactions in which a consumer paid a tip, gratuity, or other donation;
        3. The percentage of all transactions in which a consumer paid a tip, gratuity, or other donation;
        4. The average tip, gratuity, or other donation amount per transaction in which a tip was paid; and
        5. The distribution of tip amounts, reported in increments of $1.00.
      3. Advance Size Distribution. For all transactions during the reporting period:
        1. The total number and dollar amount of advances of proceeds equal to or less than $75.00;
        2. The total number and dollar amount of advances of proceeds greater than $75.00;
        3. The average advance size;
        4. The number of consumers who received more than one advance of proceeds within a single payroll period and the average number of advances per payroll period for such consumers; and
        5. The total fees collected from consumers who received more than one advance within a single payroll period.
    4. Consumer Demographic Information
      Pursuant to proposed COMAR 09.03.10.06(A)(5), the Commissioner advises that Providers shall report the following consumer demographic information to the extent it is collected by the Provider in the ordinary course of business:
      1. Geographic distribution of consumers by Maryland county or zip code;
      2. Whether the consumer receives earned wage access through a consumer-directed or employer-integrated model; and
      3. The industries or occupational categories of consumers served, to the extent such information is available to the Provider.
  3. Reporting Format and Submission
    Reports shall be submitted to OFR on or before July 1, 2026, and shall cover the period from October 1, 2025, through April 30, 2026. Reports shall be submitted electronically to OFR. Providers may send submission materials via a secure link or contact Clifford Charland for assistance with the reporting submission process.
  4. Contact Information
    Questions regarding this Advisory or the annual reporting requirements may be directed to:

    Clifford Charland
    Assistant Commissioner for Financial Services, Licensing, & Supervision
    Office of Financial Regulation
    100 South Charles Street, Tower 1, Suite 5300
    Baltimore, Maryland 21201
    Telephone: 410-230-6167
    Email: [email protected]