Update: 10 Year Analysis Complete for House Bill 1063
Office of the Governor / Office of Financial Management sent this bulletin at 01/27/2025 11:42 AM PST
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UPDATE: The 10 year analysis for HB 1063, titled AN ACT Relating to establishing a new chapter for the licensing and regulation of businesses providing earned wage access services, has been completed. The Office of Financial Management has identified
this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.
Ten-year projection:
|
Fiscal |
Earned Wage Access Assessment Fee |
Earned Wage Access Examination Fee |
Earned Wage Access Licensing Fee |
Total |
|
|
|
|||||
|
2026 |
$0 |
$0 |
$42,000 |
$42,000 |
|
|
2027 |
$186,900 |
$14,400 |
$3,000 |
$204,300 |
|
|
2028 |
$373,800 |
$32,400 |
$3,000 |
$409,200 |
|
|
2029 |
$373,800 |
$32,400 |
$3,000 |
$409,200 |
|
|
2030 |
$373,800 |
$32,400 |
$3,000 |
$409,200 |
|
|
2031 |
$373,800 |
$32,400 |
$3,000 |
$409,200 |
|
|
2032 |
$373,800 |
$32,400 |
$3,000 |
$409,200 |
|
|
2033 |
$373,800 |
$32,400 |
$3,000 |
$409,200 |
|
|
2034 |
$373,800 |
$32,400 |
$3,000 |
$409,200 |
|
|
2035 |
$373,800 |
$32,400 |
$3,000 |
$409,200 |
|
|
|
|||||
|
Total: |
$3,177,300 |
$273,600 |
$69,000 |
$3,519,900 |
|
Ten-year projection prepared in consultation with the following agencies:
Dept of Financial Institutions
Bill sponsors and contact information:
Representative Kristine Reeves, Prime Sponsor
Democrat
(360) 786-7830
kristine.reeves@leg.wa.gov
Representative Stephanie McClintock
Republican
(360) 786-7850
Stephanie.McClintock@leg.wa.gov
Representative Amy Walen
Democrat
(360) 786-7848
amy.walen@leg.wa.gov
Representative April Connors
Republican
(360) 786-7882
April.Connors@leg.wa.gov
Representative Cindy Ryu
Democrat
(360) 786-7880
cindy.ryu@leg.wa.gov
Representative Chris Corry
Republican
(360) 786-7810
chris.corry@leg.wa.gov
Representative Julia Reed
Democrat
(360) 786-7814
Julia.Reed@leg.wa.gov
Representative Mia Gregerson
Democrat
(360) 786-7868
mia.gregerson@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp