The one thing the bill does not clarify is when working 7 days in a row will you get overtime after 40 hours.
It is a FEDERAL law, and possibly a state law.
For covered, nonexempt employees, the Fair Labor Standards Act (FLSA) requires overtime pay (PDF) to be at least one and one-half times an employee's regular rate of pay after 40 hours of work in a workweek. Some exceptions apply under special circumstances to police and firefighters and to employees of hospitals and nursing homes.
http://www.dol.gov/dol/topic/workhours/overtime.htm