New York Sets Gold Standard with First-in-Nation BNPL Regulatory Framework
New York Governor Kathy Hochul and the NYDFS have proposed a comprehensive licensing and consumer-protection regime for Buy Now, Pay Later (BNPL) providers. The rules introduce strict fee caps, 'Ability to Pay' underwriting requirements, and TILA-style disclosures, marking the first major state-level attempt to regulate the rapidly growing sector.