Extends interest rate caps and criminal usury framework to covered services like retail installment contracts and merchant cash advances.

This bill extends the interest rate caps and criminal usury framework to cover services such as retail installment contracts, merchant cash advances, invoice financing, and revenue-based financing. It applies to any transaction that essentially functions as the advance of funds in exchange for a future payment or obligation, regardless of the label assigned to the transaction. The bill amends the general obligations law, banking law, and penal law to include these services under the interest rate caps and criminal usury provisions.

Extends interest rate caps and criminal usury framework to covered services like retail installment contracts and merchant cash advances.

This bill extends the interest rate caps and criminal usury framework to cover services such as retail installment contracts, merchant cash advances, invoice financing, and revenue-based financing. It applies to any transaction that essentially functions as the advance of funds in exchange for a future payment or obligation, regardless of the label assigned to the transaction. The bill amends the general obligations law, banking law, and penal law to include these services under the interest rate caps and criminal usury provisions.