New York A 9644: Authorizes the dormitory authority to provide financing to Mary Cariola Children's Center Inc.

Bill Text

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A09644 Summary:

BILL NOA09644A

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SAME ASSAME AS S08939

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SPONSORRaga

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COSPNSRLee, Colton, Burroughs, Bronson, Tapia, Gallagher, Hooks, Davila, Septimo, Moreno, Shimsky,
 Gonzalez-Rojas

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MLTSPNSR

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Amd §5-501, Gen Ob L

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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.

Go to top A09644 Actions:

BILL NOA09644A

&nbsp

01/21/2026referred to banks

03/11/2026amend (t) and recommit to banks

03/11/2026print number 9644a

Go to topA09644 Committee&nbspVotes:

Go to topA09644 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA09644 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9644--A

 IN ASSEMBLY

 January 21, 2026
 ___________

 Introduced by M. of A. RAGA, LEE -- read once and referred to the
 Committee on Banks -- committee discharged, bill amended, ordered
 reprinted as amended and recommitted to said committee

 AN ACT to amend the general obligations law, in relation to the interest
 rate and finance charges on cash advances of wages or salary

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. This act shall be known and may be cited as the "stop
 2 taking our pay act".
 3 § 2. Legislative intent. It is the intent of the legislature that this
 4 act clarify and codify existing law, including that (i) all wage and
 5 cash advances are loans subject to the interest rate cap set forth in
 6 section 5-501 of the general obligations law; and (ii) finance charges
 7 include any amount paid or payable in connection with a loan, whether
 8 voluntary or otherwise, regardless of how such amount is denominated,
 9 including, but not limited to, tips and subscription costs.
 10 § 3. Subdivision 2 of section 5-501 of the general obligations law, as
 11 amended by chapter 883 of the laws of 1980 and as further amended by
 12 section 104 of part A of chapter 62 of the laws of 2011, is amended and
 13 a new subdivision 1-a is added to read as follows:
 14 1-a. "Loan" shall include any extension of credit or advance of money
 15 on a borrower's future, earned, or potential source of money, including
 16 future pay, salary, and earned but unpaid wages or income.
 17 2. No person or corporation shall, directly or indirectly, charge,
 18 take or receive any money, goods or things in action as interest on the
 19 loan or forbearance of any money, goods or things in action at a rate
 20 exceeding the rate above prescribed. The amount charged, taken or
 21 received as interest shall include any and all amounts paid or payable,
 22 directly or indirectly, voluntary or otherwise, by any person, to or for
 23 the account of the lender [in consideration for making], including any
 24 discount applied to any amounts advanced, in connection with the loan or
 25 forbearance as defined by the superintendent of financial services
 26 pursuant to subdivision three of section fourteen-a of the banking law,
 27 including fees, charges, tips, subscription costs, and any other amount

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14525-02-6

 A. 9644--A 2

 1 paid or payable, except such fee as may be fixed by the commissioner of
 2 taxation and finance as the cost of servicing loans made by the property
 3 and liability insurance security fund.
 4 § 4. This act shall take effect immediately.

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