A09644

Clarifies that wage and cash advances are loans subject to the interest rate cap.

The bill clarifies that all wage and cash advances against salary or future pay are loans subject to the interest rate cap in the general obligations law. It defines "loan" to include any extension of credit or advance of money on a borrower's future, earned, or potential source of money, including future pay, salary, and earned but unpaid wages or income. The bill also specifies that finance charges include any amount paid or payable in connection with a loan, whether voluntary or otherwise, regardless of how such amount is denominated.