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New York Races to Regulate Buy Now, Pay Later Services Before Deadline
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New York Races to Regulate Buy Now, Pay Later Services Before Deadline

New York State lawmakers are currently negotiating three distinct proposals to regulate the burgeoning Buy Now, Pay Later (BNPL) industry, with the aim of passing legislation before the end of the session on Thursday. The latest proposal, introduced by State Senator James Sanders Jr., joins an Assembly bill from March by Assembly Member Pamela Hunter and a January executive budget proposal by Governor Kathy Hochul. The negotiations, involving the state's Department of Financial Services (DFS), are complicated by differences between the Assembly and Senate bills. Both bills propose that BNPL lenders be licensed by DFS, but diverge on whether BNPL loans should be reported to credit agencies and how consumer fees should be handled. The Assembly bill takes a more consumer-protective stance by discouraging credit reporting and prohibiting consumer fees, while the Senate bill aligns more closely with the governor’s proposal but includes unique stipulations. As the deadline looms, the likelihood of reaching a consensus remains uncertain.

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