New York A02537 requires disclosure of fees on internet websites and mobile applications for loans under one month.

New York A02537 amends the general business law to mandate that internet websites and mobile applications used for acquiring loans with terms less than one month must disclose any fees. The bill stipulates that if a fee is imposed, the notice must clearly state the fee amount, the option to cancel without penalty, and that the fee is not mandatory to complete the transaction. Violations are considered deceptive practices, subject to enforcement under article twenty-two-A of the general business law.

New York A02537 requires disclosure of fees on internet websites and mobile applications for loans under one month.

New York A02537 amends the general business law to mandate that internet websites and mobile applications used for acquiring loans with terms less than one month must disclose any fees. The bill stipulates that if a fee is imposed, the notice must clearly state the fee amount, the option to cancel without penalty, and that the fee is not mandatory to complete the transaction. Violations are considered deceptive practices, subject to enforcement under article twenty-two-A of the general business law.