New York’s Department of Financial Services proposed rules to license and supervise BNPL providers operating in the state, opening a 60-day public comment period through September 14. Proposal would require BNPL lenders to get licensed, send monthly billing statements, cap late fees at $8, and set up dispute-resolution processes, according to Bloomberg Law. Rules implement a BNPL law New York passed in its 2025 budget, which called for licensing, disclosures, fee limits, and data-privacy protections, following a February preproposal draft. Financial Technology Association President Penny Lee welcomed the effort, saying the group supports appropriate regulation reflecting protections already used by leading BNPL firms and will submit comments.
