California will treat products that allow people to collect portions of their paychecks early as loans subject to the state's fair lending law, although some federal requirements won't apply.

Earned-wage access providers such as Dave Inc., EarnIn, and Payactiv Inc. will also be required to apply for a license to operate in the country's largest consumer finance market, subjecting them to regular examinations by the state's financial regulator and data submission requirements, according to a rule announced Tuesday by California's Department of Financial Protection and Innovation.

The rule takes effect in February.

California's financial regulator also set licensing requirements for ...