New York Proposes Licensing and Consumer-Protection Rules for BNPL Providers

On February 23, New York Governor Kathy Hochul announced that the NYDFS published proposed rules to implement New York’s new Buy Now, Pay Later (BNPL) oversight framework established under the New York Banking Law. The proposal would create a comprehensive licensing and supervisory regime for BNPL providers operating in the state and introduce detailed consumer-protection standards governing disclosures, fees, disputes, and data practices.... By: Sheppard Mullin Richter & Hampton LLP