Clarifies that wage and cash advances are loans subject to the interest rate cap in the general obligations law.
The bill amends the general obligations law to clarify that wage and cash advances against salary or future pay are considered loans subject to the interest rate cap. This includes any extension of credit or advance of money on a borrower's future, earned, or potential source of money. The intent is to codify existing law and ensure that finance charges on such loans do not exceed the specified rate.
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