1.  A person shall not engage in the business of a provider unless the person has been issued a license by the Commissioner pursuant to this section.

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2.  A person who wishes to be licensed as a provider must submit to the Commissioner the application fee established pursuant to subsection 7, and an application, on a form prescribed by the Commissioner, which must contain:

(a) The name and address of the applicant;

(b) A copy of the proposed terms and conditions of use which will govern the provision of earned wage access services by the applicant, which must include, without limitation, a statement by the applicant that he or she will provide services in accordance with the applicable provisions of the federal Electronic Fund Transfer Act, 15 U.S.C. § 1693 et seq., and the regulations thereunder;

(c) A copy of the policy of the applicant relating to the privacy of information concerning users;

(d) A schedule of fees proposed to be charged to a user or employer for the provision of earned wage access services, which must include, without limitation, a statement identifying at least one option for a user to obtain earned wage access services from the applicant at no cost to the user;

(e) A statement that the applicant is applying to be licensed as an employer-integrated earned wage access provider or a direct-to-consumer earned wage access provider, or both;

(f) Financial statements of the applicant for the immediately preceding year that have been audited by an independent certified public accountant; and

(g) Any other information required by any regulations adopted by the Commissioner pursuant to NRS 604D.180.

3.  Upon receipt of the application for licensure and when satisfied that the applicant is entitled thereto, the Commissioner shall notify the applicant of the Commissioner’s approval of the application and issue to the applicant a license as a provider that contains a unique license number. A licensee shall prominently display the license on the Internet website of the licensee.

4.  Except as otherwise provided by regulation of the Commissioner, a license issued pursuant to this section expires on December 31 of each year unless it is earlier surrendered, suspended or revoked.

5.  The license may be renewed annually upon approval of the Commissioner if the licensee, on or after November 1 and on or before December 31 of each year, files an application conforming to the requirements for an initial application.

6.  An application for the annual renewal of the license must be accompanied by a fee of not more than $1,000. No investigation fee may be charged for the renewal of the license. If the application or fee for renewal is not filed within the required time, the Commissioner may reinstate the expired license if the licensee files the application, submits the fee for renewal and submits a fee of not more than $1,000 for late renewal, if applicable, on or before February 28 of the year following the expiration date of the license.

7.  The Commissioner shall adopt regulations establishing the amount of fees required pursuant to this section. The fees for the application, initial license, and license renewal shall not exceed $1,000. All fees collected pursuant to this section must be deposited in the State Treasury pursuant to the provisions of NRS 658.091.

8.  A license issued pursuant to this section is not transferrable or assignable.

9.  This section does not apply to a depository institution in which the deposits are federally insured up to applicable limits.