10 Year Analysis Complete for Senate Bill 5328
Office of the Governor / Office of Financial Management sent this bulletin at 02/04/2025 12:46 PM PST
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UPDATE: The 10 year analysis for SB 5328, 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:
Senator John Lovick, Prime Sponsor
Democrat
(360) 786-7686
john.lovick@leg.wa.gov
Senator Perry Dozier
Republican
(360) 786-7630
Perry.Dozier@leg.wa.gov
Senator T'wina Nobles
Democrat
(360) 786-7654
T'wina.Nobles@leg.wa.gov
Legislative Bill Information Website:
http://apps.leg.wa.gov/billinfo/
Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp