New York wants to crack down on hidden fees and data misuse in the fast-growing buy now, pay later market, according to Spectrum News 1.
The state Department of Financial Services released proposed rules that would ban excessive fees, require clear disclosures about credit reporting, protect consumer data and set standards for resolving disputes. The regulations build on a 2025 law signed by Gov. Kathy Hochul that created a licensing and oversight system for providers.
Consumer advocates call the plan the strongest in the nation. Lawmakers will review the rules during two public comment periods. If adopted, they would take effect 180 days later, followed by a transition period for companies.
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