NY A09644

Officially titled the "Stop Taking Our Pay Act," this legislation clarifies that all wage and cash advances qualify as loans subject to New York's existing interest rate caps under General Obligations Law section 5-501

Expands the legal definition of "loan" to include any extension of credit or advance on a borrower's future, earned, or potential income sources, including future pay, salary, and earned but unpaid wages

Broadens what counts as "interest" to include any amount paid or payable in connection with a loan, whether voluntary or mandatory, regardless of how it is labeled

Specifically targets fees that earned wage access and cash advance apps charge by including tips, subscription costs, discounts on advanced amounts, and any other charges in the interest calculation

Takes effect immediately upon passage and is framed as a clarification of existing law rather than new regulation