Assembly Bill A2495

2023-2024 Legislative Session

Relates to the regulation and licensing of on-demand pay providers

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A2495 (ACTIVE) - Details

See Senate Version of this Bill:
S2186
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add Art 9-B §§374-aa - 374-ee, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A10309
2021-2022: A3570

2023-A2495 (ACTIVE) - Summary

Relates to the regulation and licensing of employer-integrated and non-verified on-demand pay providers.

2023-A2495 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2495
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced by M. of A. HEVESI -- read once and referred to the Committee
   on Banks
 
 AN ACT to amend the banking law, in relation to on-demand pay providers
 
   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
                          ON-DEMAND PAY PROVIDERS
 SECTION 374-AA. DEFINITIONS.
         374-BB. EMPLOYER-INTEGRATED ON-DEMAND PAY PROVIDERS.
         374-CC. NON-VERIFIED ON-DEMAND PAY PROVIDERS.
         374-DD. CERTAIN ON-DEMAND PAY SERVICES TO BE CONSIDERED LOANS.
         374-EE. PENALTIES.
   § 374-AA. DEFINITIONS. FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
 TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   1.  "EARNED  BUT  UNPAID  INCOME" MEANS EARNED INCOME THAT HAS NOT YET
 BEEN PAID TO A USER BY AN EMPLOYER.
   2. "EARNED INCOME" MEANS MONEYS THAT HAVE ACCRUED TO THE BENEFIT OF  A
 USER FOR SERVICES RENDERED TO AN EMPLOYER.
   3.  "EMPLOYER" MEANS ANY PERSON, CORPORATION, LIMITED LIABILITY COMPA-
 NY, OR ASSOCIATION EMPLOYING A USER IN ANY OCCUPATION, INDUSTRY,  TRADE,
 BUSINESS  OR SERVICE, OR ANY OTHER PERSON WHO IS CONTRACTUALLY OBLIGATED
 TO PAY A USER ANY SUM OF MONEY ON AN HOURLY,  PROJECT-BASED,  PIECEWORK,
 OR  OTHER BASIS FOR LABOR OR SERVICES PROVIDED BY SUCH USER.  "EMPLOYER"
 SHALL NOT INCLUDE A CUSTOMER OF AN EMPLOYER OR OTHER THIRD  PARTY  WHOSE
 OBLIGATION  TO MAKE ANY PAYMENT TO A USER IS BASED SOLELY ON SUCH USER'S
 AGENCY RELATIONSHIP WITH THE EMPLOYER.
   4. "EMPLOYER-INTEGRATED ON-DEMAND PAY PROVIDER" MEANS AN ON-DEMAND PAY
 PROVIDER THAT  OFFERS  ON-DEMAND  PAY  SERVICES  THROUGH  A  CONTRACTUAL
 ARRANGEMENT  WITH  (I)  AN  EMPLOYER,  OR  (II) A SERVICE PROVIDER TO AN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05027-01-3
              

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