Relating To Earned Wage Access. [SB-2664]
Amends the law governing interest and usury by defining "debt" to include any amount that a consumer agrees to pay under certain conditions; requiring "annual percentage rates" to be calculated pursuant to the Truth in Lending Act and requiring certain charges, amounts, and fees to be deemed as "finance charges" in its calculation; clarifying the types of expected sources of funds to be included in the term "credit"; and repealing the stand-alone definition of "finance charge".
SB-2664: Relating To Earned Wage Access.
Sponsored by: Sen. Angus McKelvey
The Committee On Cpn Deferred The Measure. on 02/14/2024