New York S04606 regulates buy-now-pay-later lenders, requiring licensing and establishing consumer protections.

New York S04606 amends the banking law to regulate buy-now-pay-later lenders, requiring them to obtain a license from the superintendent. The bill establishes prohibited acts, including employing deceptive practices, misapplying payments, and failing to report violations. It limits charges on loans, mandates disclosure of loan terms, and requires refunds or credits for goods or services. The superintendent is authorized to examine lenders, issue orders, and impose penalties for violations.

New York S04606 regulates buy-now-pay-later lenders, requiring licensing and establishing consumer protections.

New York S04606 amends the banking law to regulate buy-now-pay-later lenders, requiring them to obtain a license from the superintendent. The bill establishes prohibited acts, including employing deceptive practices, misapplying payments, and failing to report violations. It limits charges on loans, mandates disclosure of loan terms, and requires refunds or credits for goods or services. The superintendent is authorized to examine lenders, issue orders, and impose penalties for violations.