senate Bill S6778A

2021-2022 Legislative Session

Provides for earned wage access services offered in this state

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 21, 2022 print number 6778a
Mar 21, 2022 amend (t) and recommit to banks
Jan 05, 2022 referred to banks
May 17, 2021 referred to banks

S6778 - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 9-B §§374-aa - 374-ee, amd §36, Bank L

S6778 - Summary

Provides for earned wage access services offered in this state; defines terms; provides requirements for wage access services; outlines reporting requirements and enforcement provisions (view more) makes related provisions.

S6778 - Sponsor Memo

S6778 - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6778
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 17, 2021
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to amend the banking law, in relation  to  earned  income  access
   services
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The banking law is amended by adding a new article  9-B  to
 read as follows:
                                ARTICLE 9-B
                          INCOME ACCESS SERVICES
 SECTION 374-AA. DEFINITIONS.
         374-BB. REQUIREMENTS  FOR  EARNED INCOME ACCESS SERVICES OFFERED
                   IN THIS STATE.
         374-CC. ENFORCEMENT.
   § 374-AA. DEFINITIONS. AS USED IN THIS ARTICLE,  THE  FOLLOWING  TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   1.  "ANNUAL PERCENTAGE RATE" MEANS AS CALCULATED PURSUANT TO THE TRUTH
 IN LENDING ACT (TILA), 15 U.S.C. SEC. 1601-1667F METHODOLOGY.
   2. "CONSUMER" MEANS A NATURAL PERSON RESIDING  IN  THE  STATE  OF  NEW
 YORK.
   3.  "EARNED  BUT UNPAID INCOME" MEANS FUNDS THAT ARE BASED ON WAGES OR
 COMPENSATION THE WORKER HAS  REPRESENTED,  AND  THAT  THE  PROVIDER  HAS
 REASONABLY  DETERMINED HAVE BEEN EARNED BUT HAVE NOT, AT THE TIME OF THE
 REMITTANCE, BEEN PAID TO THE WORKER FOR WORK PERFORMED FOR OR ON  BEHALF
 OF AN OBLIGOR.
   4.  "EARNED INCOME ACCESS SERVICES" REFERS TO THE BUSINESS OF DELIVER-
 ING PROCEEDS TO CONSUMERS THAT:
   (A) REQUIRES NO MANDATORY FEES TO ACCESS PROCEEDS;
   (B) IS NON-RECOURSE; AND
   (C) THE PROCEEDS ACCESSED ARE BASED ON EARNED BUT UNPAID INCOME.
   5. "INCOME ACCESS PROVIDER" OR "PROVIDER" MEANS:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

S6778A (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 9-B §§374-aa - 374-ee, amd §36, Bank L

S6778A (ACTIVE) - Summary

Provides for earned wage access services offered in this state; defines terms; provides requirements for wage access services; outlines reporting requirements and enforcement provisions (view more) makes related provisions.

S6778A (ACTIVE) - Sponsor Memo

S6778A (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6778--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 17, 2021
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks  --  recommitted  to
   the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted to said committee

 AN  ACT  to  amend  the  banking  law, in relation to earned wage access
   services
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The banking law is amended by adding a new article 9-B to
 read as follows:
                                ARTICLE 9-B
                        EARNED WAGE ACCESS SERVICES
 SECTION 374-AA. DEFINITIONS.
         374-BB. REGISTRATION REQUIREMENTS FOR EARNED WAGE ACCESS SERVICE
                   PROVIDERS.
         374-CC. OTHER  REQUIREMENTS  FOR  EARNED  WAGE  ACCESS  SERVICES
                   PROVIDED IN THIS STATE.
         374-DD. ANNUAL REPORT.
         374-EE. AUTHORITY OF THE SUPERINTENDENT.
   §  374-AA.  DEFINITIONS.  AS USED IN THIS ARTICLE, THE FOLLOWING TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   1. "CONSUMER" MEANS A NATURAL PERSON RESIDING  IN  THE  STATE  OF  NEW
 YORK.
   2.  "EARNED  BUT  UNPAID  INCOME" MEANS FUNDS THAT ARE BASED ON WAGES,
 COMPENSATION, OR INCOME THAT A CONSUMER HAS REPRESENTED,  AND  THAT  THE
 PROVIDER  HAS  REASONABLY DETERMINED HAVE BEEN EARNED OR HAVE ACCRUED TO
 THE BENEFIT OF THE CONSUMER BUT HAVE NOT, AT THE TIME OF THE  REMITTANCE
 OF PROCEEDS, BEEN PAID TO THE CONSUMER BY AN OBLIGOR.
   3.  "EARNED  WAGE  ACCESS  SERVICES"  MEANS THE BUSINESS OF DELIVERING
 PROCEEDS TO A CONSUMER PRIOR TO THE NEXT DATE ON  WHICH  AN  OBLIGOR  IS

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09775-07-2

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