senate Bill S916

2023-2024 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 (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 09, 2023 referred to banks

S916 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 9-B §§374-aa - 374-ee, amd §36, Bank L
Versions Introduced in 2021-2022 Legislative Session:
S6778

S916 (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.

S916 (ACTIVE) - Sponsor Memo

S916 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    916
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2023
                                ___________
 
 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  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
 OBLIGATED TO PAY SALARY,  WAGES,  OR  OTHER  MONETARY  BENEFITS  TO  THE
 CONSUMER.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02550-01-3
 S. 916                              2

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