New York Regulator Proposes Licensing Rules for BNPL Lenders

The New York State Department of Financial Services (DFS) posted a notice of proposed rule making regarding buy now, pay later (BNPL) lenders together with the text of the proposed regulation Wednesday (July 15) and will accept public comment on the proposed regulation until Sept. 14, according to the department’s regulatory activity page. “Today DFS formally proposed regulations to establish a licensing and supervision framework for buy now, pay later (BNPL) providers operating in New York,” th