On May 5, the Massachusetts Division of Banks (DOB) entered into a settlement with an earned wage access provider that allegedly operated as a third-party loan servicer in the state without the required registration since at least July 2021. Massachusetts General Laws chapter 93, section 24A(b), requires companies to register with the DOB before conducting loan servicing activities in the state. According to the settlement, the company applied for registration in June 2025 and, upon being made aware of the registration requirement, cooperated with the DOB to resolve the matter. It agreed to pay $1.9 million to the DOB’s settlement trust and immediately cease all business activities requiring licensure or registration until approval is obtained. The settlement also directs the company to establish internal policies and procedures to ensure compliance with state licensing requirements going forward. The settlement further provides that the company’s pending registration application will not be denied solely due to the matters addressed in the agreement. The company neither admitted nor denied the allegations.