SB 759: Contracts assigning rights to earned wages; legal rate of interest.

Summary

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 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.

Latest recorded action

Stricken at request of Patron in Commerce and Labor (15-Y 0-N)

Jan 27, 2025

This is the latest action supplied by the source, not the full legislative history.

Track bills like this one

Mandate alerts you when a bill that matters to your organization moves, and explains what it means.