New York S04355 regulates employer-integrated and non-verified on-demand pay providers, defining them and setting licensing and operational.

New York S04355 amends the banking law to introduce regulations for on-demand pay providers. It defines "employer-integrated on-demand pay provider" and "non-verified on-demand pay provider," with the latter considered a loan and subject to certain interest rate limits. Both types must register with the superintendent and comply with licensing and other banking laws. The bill also outlines specific requirements for employer-integrated providers, including safeguarding user information and prohibiting fee-sharing with employers. Violations carry penalties of up to $1,000 per violation.

New York S04355 regulates employer-integrated and non-verified on-demand pay providers, defining them and setting licensing and operational.

New York S04355 amends the banking law to introduce regulations for on-demand pay providers. It defines "employer-integrated on-demand pay provider" and "non-verified on-demand pay provider," with the latter considered a loan and subject to certain interest rate limits. Both types must register with the superintendent and comply with licensing and other banking laws. The bill also outlines specific requirements for employer-integrated providers, including safeguarding user information and prohibiting fee-sharing with employers. Violations carry penalties of up to $1,000 per violation.