SB759
Contracts assigning rights to earned wages; legal rate of interest.
Summary
As Introduced. Contracts assigning rights to earned wages; legal rate of interest.
Provides that any contract entered into on or after July 1, 2025, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive earned wages, salary, commissions, or other compensation for services shall be considered a ... (More) loan and that any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest. (Less)-
Bill History
- 12/10/2024 - Senate: Prefiled and ordered printed; Offered 01-08-2025 25101242D
- 12/10/2024 - Senate: Referred to Committee on Commerce and Labor
- 01/16/2025 - Senate: Fiscal Impact Statement from State Corporation Commission (SB759)
- 01/27/2025 - Senate: Stricken at request of Patron in Commerce and Labor (15-Y 0-N)
