Buy now, pay later companies would have to get licensed to operate in New York and would have to determine a borrower’s ability to repay the loans, under a proposal from the state’s financial regulator.
BNPL companies offering loans to New York consumers would also have limits on fees, such as late fees, and their ability to collect tips, under a Monday proposal from the New York Department of Financial Services.
“Too many New Yorkers have learned the hard way that some ‘Buy Now, Pay Later’ products are designed to trip them up with junk fees and overly burdensome fine ...