The following shall apply in connection with the earned wage access services offered and provided by a provider in compliance with the provisions of this article:
(A) Proceeds provided to a consumer by the provider shall not be considered a consumer loan for purposes of Section 37-3-104 or a loan for purposes of Section 37-3-106.(B) The provider shall not be considered a lender for purposes of Section 37-3-107(1), unless the provider is conducting business pursuant to Chapter 3, Title 37.(C) Fees, voluntary tips, gratuities, or other donations paid by a consumer to a provider shall not be considered a loan finance charge for purposes of Section 37-3-109.(D) The provider shall not be considered to be engaged in the business of money transmission for purposes of Section 35-11-200.(E) Earned wage access services shall not be considered wage assignment for the purposes of Section 37-3-403.(F) The provider shall not be considered a deferred presentment provider for purposes of Section 34-39-130 unless the provider is conducting business pursuant to Chapter 39, Title 34.Added by 2024 S.C. Acts, Act No. 190 (SB 700),s 1, eff. 11/21/2024.