Bill > S08939

This bill, known as the "stop taking our pay act," clarifies that any wage or cash advances against future pay, salary, or earned but unpaid wages are considered loans. It amends the general obligations law to ensure that these advances are subject to the existing interest rate cap, meaning lenders cannot charge excessive interest on them. The bill also broadens the definition of "finance charges" to include any amount paid or payable in connection with a loan, regardless of how it's labeled or whether it's voluntary, such as tips or subscription costs, ensuring that all costs associated with these advances are considered when calculating interest.

Justice

https://www.nysenate.gov/legislation/bills/2025/S8939