Clarifies that wage and cash advances against salary or future pay are loans subject to the interest rate cap in the general obligations law.
The bill amends the general obligations law to clarify that all wage and cash advances against salary or future pay are considered loans subject to the interest rate cap. This includes any amounts paid or payable in connection with such loans, regardless of how they are denominated. The intent is to codify existing law and ensure that finance charges on these loans are subject to the prescribed interest rate limit.
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