{"id":297251,"date":"2026-07-16T02:13:14","date_gmt":"2026-07-16T02:13:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/297251\/"},"modified":"2026-07-16T02:13:14","modified_gmt":"2026-07-16T02:13:14","slug":"new-york-regulator-proposes-licensing-rules-for-bnpl-lenders","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/297251\/","title":{"rendered":"New York Regulator Proposes Licensing Rules for BNPL Lenders"},"content":{"rendered":"

\u201cToday DFS formally proposed regulations to establish a licensing and supervision framework for buy now, pay later (BNPL) providers operating in New York,\u201d the department said in a Wednesday\u00a0post<\/a> on X. \u201cThe proposal opens a 60-day comment period.\u201d<\/p>\n

Bloomberg Law\u00a0reported<\/a>\u00a0Wednesday that some of the proposal\u2019s provisions include requirements that BNPL lenders get licensed, that they send out monthly billing statements, that they cap their late fees at $8 and that they set up dispute resolution processes.<\/p>\n

The\u00a0Financial Technology Association<\/a>\u00a0(FTA) said\u00a0in\u00a0a Wednesday\u00a0statement<\/a>\u00a0that with the proposed regulations, the DFS is working to implement a BNPL law that the New York legislature passed as part of the state\u2019s 2025 budget.<\/p>\n

\u201cWe appreciate the work the Department of Financial Services has put into crafting these proposed regulations and look forward to submitting our comments,\u201d FTA President and CEO\u00a0Penny Lee<\/a>\u00a0said in the statement. \u201cAs the buy now, pay later industry continues to grow, we welcome appropriate regulation that reflects the consumer protections and standards already in place at the leading firms.\u201d<\/p>\n

PYMNTS reported in May 2025 that New York\u2019s budget included legislation to establish a licensing and supervision framework for\u00a0BNPL providers<\/a>\u00a0and that the legislation will include guardrails like disclosure requirements, dispute resolution standards, limits on fees and charges, and data privacy protections.<\/p>\n

The\u00a0American Fintech Council<\/a>\u00a0said at the time that while many provisions in the legislation were in keeping with its own BNPL standards, other language could potentially limit consumer choice and reduce credit access.<\/p>\n

PYMNTS reported in February that the DFS published proposed regulations for\u00a0BNPL<\/a>\u00a0financing options and that the draft regulations would be open for preproposal comment until March 5.<\/p>\n

Consumer Reports said at the time that BNPL loans lack many of the consumer protections that come with other forms of\u00a0credit\u00a0and that New York\u2019s proposed BNPL regulations would provide the strongest protections for consumers of any state.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cToday DFS formally proposed regulations to establish a licensing and supervision framework for buy now, pay later (BNPL)…\n","protected":false},"author":2,"featured_media":297252,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[113156,113157,13308,9,11,10,12,31826,51645,31827],"class_list":["post-297251","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-buy-now-pay-later","tag-consumer-finances","tag-loans","tag-new-york","tag-new-york-headlines","tag-new-york-news","tag-news","tag-pymnts-news","tag-regulations","tag-whats-hot"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/297251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=297251"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/297251\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/297252"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=297251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=297251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=297251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}