Fifty states, fifty different sets of rules regarding payroll card compliance.
That’s a lot of information for businesses to track. So Womble Bond Dickinson FinTech attorneys Steve Middlebrook and Tom Kierner have created a new 50 State Payroll Card Compliance Map. The interactive, intuitive map provides up-to-date information on statutory law, regulations, legislation and agency guidance related to payroll cards for each state (plus the District of Columbia and Puerto Rico).
The map provides a summary of each state’s payroll card requirements, including those related to:
- Wage Access
- Fee Restrictions
- Program Features.
The map is free and easy to use. Simply hover over a state to find out whether an employer may mandate the electronic receipt of wages, and click on a state to read about its payroll card requirements.
The Payroll Card Compliance Map is the first in a series of tools the firm’s FinTech practice group plans to launch to assist clients in understanding state law as it applies to various FinTech products. Future tools will address privacy statutes, blockchain laws and gift card regulations.
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Steve Middlebrook has an extensive background in emerging payment technologies, prepaid and stored value products, mobile payments, web-based financial services, virtual currency and distributed ledger technology. His prior experience includes being General Counsel at two FinTech companies, and a decade’s service at the US Department of the Treasury. He also served as an advisor to the Uniform Law Commission (ULC) committee which drafted the Uniform Regulation of Virtual Currency Businesses Act. The Uniform Act was recently approved by the ULC and is now being considered for adoption by a number of states.
Tom Kierner is a transactional attorney with a background in payment systems and financial regulations. As former in-house counsel at two financial services companies, he advises his clients on the dynamic regulatory and legal landscape for FinTech and payments companies. He also assists his clients in negotiating and drafting agreements with banks, processors, and other service providers.