New York bill A06757 regulates buy-now-pay-later lenders, requiring licensing and establishing consumer protections.

New York bill A06757 amends the banking law to regulate buy-now-pay-later lenders. It requires these lenders to obtain a license from the superintendent. The bill defines a buy-now-pay-later lender as someone offering such loans in the state. It prohibits lenders from charging interest, penalties, late fees, or other considerations. The bill mandates that lenders disclose loan terms clearly and ensure consumers can repay the loan. It also requires lenders to resolve consumer disputes fairly and transparently. Unlicensed lenders' loans are void, except for exempt organizations.

New York bill A06757 regulates buy-now-pay-later lenders, requiring licensing and establishing consumer protections.

New York bill A06757 amends the banking law to regulate buy-now-pay-later lenders. It requires these lenders to obtain a license from the superintendent. The bill defines a buy-now-pay-later lender as someone offering such loans in the state. It prohibits lenders from charging interest, penalties, late fees, or other considerations. The bill mandates that lenders disclose loan terms clearly and ensure consumers can repay the loan. It also requires lenders to resolve consumer disputes fairly and transparently. Unlicensed lenders' loans are void, except for exempt organizations.