NY A09585

Establishes a 6% per annum default interest rate for all "financing arrangements," a newly defined term encompassing loans, merchant cash advances, invoice financing, buy-now-pay-later transactions, earned wage access, and other credit products.

Expands the definition of interest charges to include all fees, tips, renewal charges, credit insurance premiums, debt suspension products, ancillary products sold with credit extensions, and any discounts applied to advanced amounts.

Exempts financing arrangements of $250,000 or more (except those secured by residential real property) and $2.5 million or more from state usury interest rate limits, except for criminal usury provisions.

Modifies criminal usury statutes to apply to all "financing arrangements" as defined in the bill and requires interest calculations under banking law section 14-a.

Removes restrictions on the attorney general's authority to make rules and regulations for rental-purchase agreements, allowing the attorney general to characterize such agreements and regulate them as needed.