S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9588
 
                           I N  A S S E M B L Y
 
                              March 22, 2024
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Banks
 
 AN  ACT  to amend the banking law, in relation to the regulation of buy-
   now-pay-later lenders
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The banking law is amended by adding a new article 14-B to
 read as follows:

                               ARTICLE XIV-B
                         BUY-NOW-PAY-LATER LENDERS
 
 SECTION 735. SHORT TITLE.
         736. DEFINITIONS.
         737. LICENSE.
         738. CONDITIONS PRECEDENT TO ISSUING A LICENSE; PROCEDURE  WHERE
                    APPLICATION IS DENIED.
         739. LICENSE PROVISIONS AND POSTING.
         740. APPLICATION FOR ACQUISITION OF CONTROL OF BUY-NOW-PAY-LATER
                    LENDER BY PURCHASE OF STOCK.
         741. GROUND FOR REVOCATION OR SUSPENSION OF LICENSE; PROCEDURE.
         742. SUPERINTENDENT AUTHORIZED TO EXAMINE.
         743. LICENSEE'S BOOKS AND RECORDS; REPORTS.
         744. ACTS PROHIBITED.
         745. LIMITATION ON CHARGES ON BUY-NOW-PAY-LATER LOANS.
         746. CONSUMER PROTECTIONS.
         747. AUTHORITY OF SUPERINTENDENT.
         748. PENALTIES.
         749. SEVERABILITY.
   § 735. SHORT  TITLE.  THIS  ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "BUY NOW PAY LATER ACT".
   § 736. DEFINITIONS. AS USED IN THIS ARTICLE, THE FOLLOWING TERMS SHALL
 HAVE THE FOLLOWING MEANINGS:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15022-01-4
              

 A. 9588                             2

   1. "CONSUMER" MEANS AN INDIVIDUAL WHO IS A RESIDENT OF  THE  STATE  OF
 NEW YORK.
   2. "BUY-NOW-PAY-LATER LOAN" MEANS CREDIT PROVIDED TO A CONSUMER AT THE
 TIME  OF PURCHASE IN CONNECTION WITH SUCH CONSUMER'S PARTICULAR PURCHASE
 OF GOODS AND/OR SERVICES, OTHER THAN A MOTOR VEHICLE  AS  DEFINED  UNDER
 SECTION ONE HUNDRED TWENTY-FIVE OF THE VEHICLE AND TRAFFIC LAW, PROVIDED
 THAT  THE  CONSUMER  SHALL  NOT  BE  SUBJECT  TO  ANY INTEREST, PENALTY,
 DISCOUNT, OR CONSIDERATION IN CONNECTION WITH SUCH CREDIT PROVIDED.
   3. "BUY-NOW-PAY-LATER LENDER" MEANS A PERSON WHO  OFFERS  BUY-NOW-PAY-
 LATER  LOANS  IN  THIS  STATE.  FOR  PURPOSES OF THE PRECEDING SENTENCE,
 "OFFER" MEANS OFFERING TO MAKE A  BUY-NOW-PAY-LATER  LOAN  BY  EXTENDING
 CREDIT  DIRECTLY  TO  A  CONSUMER  OR  OPERATING A PLATFORM, SOFTWARE OR
 SYSTEM WITH WHICH A CONSUMER INTERACTS AND THE PRIMARY PURPOSE OF  WHICH
 IS  TO  ALLOW THIRD PARTIES TO OFFER BUY-NOW-PAY-LATER LOANS, OR BOTH. A
 PERSON WHO SELLS GOODS OR SERVICES TO A CONSUMER AND EXTENDS  CREDIT  TO
 SUCH  CONSUMER IN CONNECTION WITH SUCH CONSUMER'S PARTICULAR PURCHASE OF
 SUCH GOODS AND/OR SERVICES SHALL NOT BE CONSIDERED  A  BUY-NOW-PAY-LATER
 LENDER  WITH RESPECT TO SUCH TRANSACTIONS. A PERSON SHALL NOT BE CONSID-
 ERED A BUY-NOW-PAY-LATER LENDER ON THE BASIS OF ISOLATED, INCIDENTAL  OR
 OCCASIONAL  TRANSACTIONS  WHICH  OTHERWISE  MEET THE DEFINITIONS OF THIS
 SECTION.
   4. "EXEMPT ORGANIZATION" MEANS ANY  BANKING  ORGANIZATION  OR  FOREIGN
 BANKING CORPORATION LICENSED BY THE SUPERINTENDENT OR THE COMPTROLLER OF
 THE  CURRENCY TO TRANSACT BUSINESS IN THIS STATE, NATIONAL BANK, FEDERAL
 SAVINGS BANK, FEDERAL SAVINGS AND LOAN ASSOCIATION,  OR  FEDERAL  CREDIT
 UNION.  SUBJECT  TO SUCH REGULATIONS AS MAY BE PROMULGATED BY THE SUPER-
 INTENDENT, "EXEMPT ORGANIZATION" MAY ALSO INCLUDE ANY SUBSIDIARY OF SUCH
 ENTITIES.
   5. "LICENSEE" MEANS A PERSON WHO HAS BEEN ISSUED A LICENSE PURSUANT TO
 THIS ARTICLE.
   6. "PERSON" MEANS AN INDIVIDUAL, PARTNERSHIP, CORPORATION, ASSOCIATION
 OR ANY OTHER BUSINESS ORGANIZATION.
   § 737. LICENSE. 1. NO PERSON OR OTHER ENTITY, EXCEPT AN EXEMPT  ORGAN-
 IZATION  AS  DEFINED  IN  THIS ARTICLE, SHALL ACT AS A BUY-NOW-PAY-LATER
 LENDER WITHOUT FIRST OBTAINING A LICENSE FROM THE SUPERINTENDENT.
   2. AN APPLICATION FOR A LICENSE SHALL BE IN WRITING, UNDER  OATH,  AND
 IN  THE  FORM  AND CONTAINING SUCH INFORMATION AS THE SUPERINTENDENT MAY
 REQUIRE.
   3. AT THE TIME OF FILING AN APPLICATION FOR A LICENSE,  THE  APPLICANT
 SHALL  PAY TO THE SUPERINTENDENT A FEE AS PRESCRIBED PURSUANT TO SECTION
 EIGHTEEN-A OF THIS CHAPTER.
   4. A LICENSE GRANTED PURSUANT TO THIS ARTICLE SHALL  BE  VALID  UNLESS
 REVOKED  OR SUSPENDED BY THE SUPERINTENDENT OR UNLESS SURRENDERED BY THE
 LICENSEE AND ACCEPTED BY THE SUPERINTENDENT.
   5. IN CONNECTION WITH AN APPLICATION  FOR  A  LICENSE,  THE  APPLICANT
 SHALL  SUBMIT AN AFFIDAVIT OF FINANCIAL SOLVENCY NOTING SUCH CAPITALIZA-
 TION REQUIREMENTS AND ACCESS TO SUCH CREDIT AS MAY BE PRESCRIBED BY  THE
 REGULATIONS OF THE SUPERINTENDENT.
   § 738. CONDITIONS  PRECEDENT  TO  ISSUING  A  LICENSE; PROCEDURE WHERE
 APPLICATION IS DENIED. 1. AFTER THE  FILING  OF  AN  APPLICATION  FOR  A
 LICENSE  ACCOMPANIED BY PAYMENT OF THE FEE PURSUANT TO SUBDIVISION THREE
 OF SECTION SEVEN HUNDRED THIRTY-SEVEN  OF  THIS  ARTICLE,  IT  SHALL  BE
 SUBSTANTIVELY  REVIEWED.  AFTER THE APPLICATION IS DEEMED SUFFICIENT AND
 COMPLETE, IF THE SUPERINTENDENT FINDS THAT THE FINANCIAL RESPONSIBILITY,
 INCLUDING MEETING ANY CAPITAL REQUIREMENTS AS  ESTABLISHED  PURSUANT  TO
 SUBDIVISION  THREE  OF  THIS  SECTION, EXPERIENCE, CHARACTER AND GENERAL
 A. 9588                             3
 
 FITNESS OF THE APPLICANT OR ANY PERSON ASSOCIATED WITH THE APPLICANT ARE
 SUCH AS TO COMMAND THE CONFIDENCE OF THE COMMUNITY AND  TO  WARRANT  THE
 BELIEF  THAT  THE  BUSINESS WILL BE CONDUCTED HONESTLY, FAIRLY AND EFFI-
 CIENTLY  WITHIN THE PURPOSES AND INTENT OF THIS ARTICLE, THE SUPERINTEN-
 DENT SHALL ISSUE THE LICENSE. FOR THE PURPOSE OF THIS  SUBDIVISION,  THE
 APPLICANT SHALL BE DEEMED TO INCLUDE ALL THE MEMBERS OF THE APPLICANT IF
 IT  IS  A PARTNERSHIP OR UNINCORPORATED ASSOCIATION OR ORGANIZATION, AND
 ALL THE STOCKHOLDERS, OFFICERS AND DIRECTORS OF THE APPLICANT IF IT IS A
 CORPORATION.
   2. IF THE SUPERINTENDENT REFUSES TO ISSUE A LICENSE,  THE  SUPERINTEN-
 DENT  SHALL  NOTIFY  THE APPLICANT OF THE DENIAL AND RETAIN THE FEE PAID
 PURSUANT TO SUBDIVISION THREE OF SECTION SEVEN HUNDRED  THIRTY-SEVEN  OF
 THIS ARTICLE.
   3.  THE  SUPERINTENDENT MAY ISSUE REGULATIONS SETTING CAPITAL REQUIRE-
 MENTS TO ENSURE THE SOLVENCY AND FINANCIAL INTEGRITY  OF  LICENSEES  AND
 THEIR ONGOING OPERATIONS, TAKING INTO ACCOUNT THE RISKS, VOLUME OF BUSI-
 NESS,  COMPLEXITY,  AND OTHER RELEVANT FACTORS REGARDING SUCH LICENSEES.
 FURTHER, THE SUPERINTENDENT MAY ISSUE RULES AND REGULATIONS  PRESCRIBING
 A  METHODOLOGY  TO CALCULATE CAPITAL REQUIREMENTS WITH RESPECT TO LICEN-
 SEES OR CATEGORIES THEREOF.
   § 739. LICENSE PROVISIONS AND POSTING. 1. A LICENSE ISSUED UNDER  THIS
 ARTICLE  SHALL  STATE  THE  NAME AND ADDRESS OF THE LICENSEE, AND IF THE
 LICENSEE BE A CO-PARTNERSHIP OR ASSOCIATION, THE NAMES  OF  THE  MEMBERS
 THEREOF, AND IF A CORPORATION THE DATE AND PLACE OF ITS INCORPORATION.
   2.  SUCH  LICENSE  SHALL  BE  KEPT  CONSPICUOUSLY POSTED ON THE MOBILE
 APPLICATION, WEBSITE, OR OTHER CONSUMER INTERFACE OF  THE  LICENSEE,  AS
 WELL AS LISTED IN THE TERMS AND CONDITIONS OF ANY BUY-NOW-PAY-LATER LOAN
 OFFERED  OR ENTERED INTO BY THE LICENSEE. THE SUPERINTENDENT MAY PROVIDE
 BY REGULATION AN ALTERNATIVE FORM OF NOTICE OF LICENSURE.
   3. A LICENSE ISSUED UNDER THIS ARTICLE SHALL NOT  BE  TRANSFERABLE  OR
 ASSIGNABLE.
   § 740. APPLICATION  FOR  ACQUISITION  OF  CONTROL OF BUY-NOW-PAY-LATER
 LENDER BY PURCHASE OF STOCK. 1. IT SHALL BE  UNLAWFUL  EXCEPT  WITH  THE
 PRIOR  APPROVAL  OF  THE SUPERINTENDENT FOR ANY ACTION TO BE TAKEN WHICH
 RESULTS IN A CHANGE OF CONTROL OF THE BUSINESS OF A LICENSEE.  PRIOR  TO
 ANY  CHANGE  OF CONTROL, THE PERSON DESIROUS OF ACQUIRING CONTROL OF THE
 BUSINESS OF A LICENSEE SHALL MAKE WRITTEN APPLICATION TO THE SUPERINTEN-
 DENT AND PAY AN INVESTIGATION FEE  AS  PRESCRIBED  PURSUANT  TO  SECTION
 EIGHTEEN-A  OF THIS CHAPTER TO THE SUPERINTENDENT. THE APPLICATION SHALL
 CONTAIN SUCH INFORMATION  AS  THE  SUPERINTENDENT,  BY  REGULATION,  MAY
 PRESCRIBE  AS  NECESSARY  OR  APPROPRIATE  FOR THE PURPOSE OF MAKING THE
 DETERMINATION REQUIRED BY SUBDIVISION TWO OF THIS SECTION.
   2. THE SUPERINTENDENT SHALL APPROVE OR DISAPPROVE THE PROPOSED  CHANGE
 OF  CONTROL  OF  A LICENSEE IN ACCORDANCE WITH THE PROVISIONS OF SECTION
 SEVEN HUNDRED THIRTY-EIGHT OF THIS ARTICLE.
   3. FOR A PERIOD OF SIX MONTHS FROM THE DATE OF  QUALIFICATION  THEREOF
 AND  FOR  SUCH  ADDITIONAL  PERIOD  OF  TIME  AS  THE SUPERINTENDENT MAY
 PRESCRIBE, IN WRITING, THE PROVISIONS OF SUBDIVISIONS  ONE  AND  TWO  OF
 THIS  SECTION  SHALL  NOT APPLY TO A TRANSFER OF CONTROL BY OPERATION OF
 LAW TO THE LEGAL REPRESENTATIVE, AS HEREINAFTER DEFINED, OF ONE WHO  HAS
 CONTROL  OF  A  LICENSEE.  THEREAFTER,  SUCH  LEGAL REPRESENTATIVE SHALL
 COMPLY WITH THE PROVISIONS OF SUBDIVISIONS ONE AND TWO OF THIS  SECTION.
 THE  PROVISIONS  OF  SUBDIVISIONS  ONE  AND TWO OF THIS SECTION SHALL BE
 APPLICABLE TO AN APPLICATION MADE UNDER SUCH SECTION BY A  LEGAL  REPRE-
 SENTATIVE.
 A. 9588                             4
 
   4.  THE TERM "LEGAL REPRESENTATIVE," FOR THE PURPOSES OF THIS SECTION,
 SHALL MEAN ONE DULY APPOINTED BY A COURT OF  COMPETENT  JURISDICTION  TO
 ACT  AS  EXECUTOR,  ADMINISTRATOR,  TRUSTEE,  COMMITTEE,  CONSERVATOR OR
 RECEIVER, INCLUDING ONE WHO SUCCEEDS  A  LEGAL  REPRESENTATIVE  AND  ONE
 ACTING   IN  AN  ANCILLARY  CAPACITY  THERETO  IN  ACCORDANCE  WITH  THE
 PROVISIONS OF SUCH COURT APPOINTMENT.
   5. AS USED IN THIS SECTION, THE TERM "CONTROL" MEANS  THE  POSSESSION,
 DIRECTLY OR INDIRECTLY, OF THE POWER TO DIRECT OR CAUSE THE DIRECTION OF
 THE MANAGEMENT AND POLICIES OF A LICENSEE, WHETHER THROUGH THE OWNERSHIP
 OF  VOTING  STOCK OF SUCH LICENSEE, THE OWNERSHIP OF VOTING STOCK OF ANY
 PERSON WHICH  POSSESSES  SUCH  POWER  OR  OTHERWISE.  CONTROL  SHALL  BE
 PRESUMED  TO EXIST IF ANY PERSON, DIRECTLY OR INDIRECTLY, OWNS, CONTROLS
 OR HOLDS WITH POWER TO VOTE TEN PER CENTUM OR MORE OF THE  VOTING  STOCK
 OF  ANY  LICENSEE  OR  OF  ANY PERSON WHICH OWNS, CONTROLS OR HOLDS WITH
 POWER TO VOTE TEN PER CENTUM OR MORE OF THE VOTING STOCK OF  ANY  LICEN-
 SEE,  BUT  NO  PERSON  SHALL  BE  DEEMED TO CONTROL A LICENSEE SOLELY BY
 REASON OF BEING AN OFFICER OR DIRECTOR OF SUCH LICENSEE OR  PERSON.  THE
 SUPERINTENDENT MAY IN THE SUPERINTENDENT'S DISCRETION, UPON THE APPLICA-
 TION  OF  A  LICENSEE  OR  ANY PERSON WHO, DIRECTLY OR INDIRECTLY, OWNS,
 CONTROLS OR HOLDS WITH POWER TO VOTE OR SEEKS TO OWN,  CONTROL  OR  HOLD
 WITH  POWER TO VOTE ANY VOTING STOCK OF SUCH LICENSEE, DETERMINE WHETHER
 OR NOT THE OWNERSHIP, CONTROL OR HOLDING OF SUCH  VOTING  STOCK  CONSTI-
 TUTES  OR WOULD CONSTITUTE CONTROL OF SUCH LICENSEE FOR PURPOSES OF THIS
 SECTION.
   § 741. GROUND FOR REVOCATION OR SUSPENSION OF LICENSE; PROCEDURE. 1. A
 LICENSE GRANTED PURSUANT TO THIS SECTION MAY BE REVOKED OR SUSPENDED  BY
 THE SUPERINTENDENT UPON A FINDING THAT:
   (A) THE LICENSEE HAS VIOLATED ANY APPLICABLE LAW OR REGULATION;
   (B)  ANY FACT OR CONDITION EXISTS WHICH, IF IT HAD EXISTED AT THE TIME
 OF THE  ORIGINAL  APPLICATION  FOR  SUCH  LICENSE,  CLEARLY  WOULD  HAVE
 WARRANTED THE SUPERINTENDENT'S REFUSAL TO ISSUE SUCH LICENSE; OR
   (C)  THE LICENSEE HAS FAILED TO PAY ANY SUM OF MONEY LAWFULLY DEMANDED
 BY THE SUPERINTENDENT OR TO COMPLY WITH ANY DEMAND, RULING  OR  REQUIRE-
 MENT OF THE SUPERINTENDENT.
   2.  ANY LICENSEE MAY SURRENDER ANY LICENSE BY DELIVERING TO THE SUPER-
 INTENDENT WRITTEN NOTICE  THAT  THE  LICENSEE  THEREBY  SURRENDERS  SUCH
 LICENSE.  SUCH  SURRENDER  SHALL BE EFFECTIVE UPON ITS ACCEPTANCE BY THE
 SUPERINTENDENT, AND SHALL NOT AFFECT SUCH LICENSEE'S CIVIL  OR  CRIMINAL
 LIABILITY FOR ACTS COMMITTED PRIOR TO SUCH SURRENDER.
   3.  EVERY  LICENSE  ISSUED  HEREUNDER SHALL REMAIN IN FORCE AND EFFECT
 UNTIL THE SAME SHALL HAVE BEEN SURRENDERED,  REVOKED  OR  SUSPENDED,  IN
 ACCORDANCE  WITH  THE PROVISIONS OF THIS ARTICLE, BUT THE SUPERINTENDENT
 SHALL HAVE AUTHORITY TO REINSTATE SUSPENDED LICENSES OR TO ISSUE  A  NEW
 LICENSE  TO  A  LICENSEE  WHOSE  LICENSE  HAS BEEN REVOKED IF NO FACT OR
 CONDITION THEN EXISTS WHICH CLEARLY WOULD HAVE WARRANTED THE SUPERINTEN-
 DENT'S REFUSAL TO ISSUE SUCH LICENSE.
   4. WHENEVER THE SUPERINTENDENT  SHALL  REVOKE  OR  SUSPEND  A  LICENSE
 ISSUED  PURSUANT  TO  THIS  ARTICLE,  THE SUPERINTENDENT SHALL FORTHWITH
 EXECUTE A WRITTEN ORDER TO THAT EFFECT, WHICH ORDER MAY BE  REVIEWED  IN
 THE  MANNER  PROVIDED BY ARTICLE SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW
 AND RULES.  SUCH SPECIAL PROCEEDING FOR REVIEW  AS  AUTHORIZED  BY  THIS
 SECTION MUST BE COMMENCED WITHIN THIRTY DAYS FROM THE DATE OF SUCH ORDER
 OF SUSPENSION OR REVOCATION.
   5.  THE SUPERINTENDENT MAY, FOR GOOD CAUSE, WITHOUT NOTICE AND A HEAR-
 ING, SUSPEND ANY LICENSE ISSUED PURSUANT TO THIS ARTICLE  FOR  A  PERIOD
 NOT  EXCEEDING THIRTY DAYS, PENDING INVESTIGATION. "GOOD CAUSE," AS USED
 A. 9588                             5
 
 IN THIS SUBDIVISION, SHALL EXIST ONLY WHEN THE LICENSEE HAS  ENGAGED  IN
 OR  IS  LIKELY TO ENGAGE IN A PRACTICE PROHIBITED BY THIS ARTICLE OR THE
 REGULATIONS PROMULGATED THEREUNDER OR ENGAGES IN DISHONEST OR  INEQUITA-
 BLE PRACTICES WHICH MAY CAUSE SUBSTANTIAL HARM TO THE PUBLIC.
   § 742. SUPERINTENDENT  AUTHORIZED  TO  EXAMINE.  1. THE SUPERINTENDENT
 SHALL HAVE THE POWER TO MAKE SUCH INVESTIGATIONS AS  THE  SUPERINTENDENT
 SHALL  DEEM  NECESSARY TO DETERMINE WHETHER ANY BUY-NOW-PAY-LATER LENDER
 OR ANY OTHER PERSON HAS VIOLATED ANY OF THE PROVISIONS OF  THIS  ARTICLE
 OR  ANY  OTHER  APPLICABLE  LAW,  OR  WHETHER ANY LICENSEE HAS CONDUCTED
 ITSELF IN SUCH MANNER AS WOULD JUSTIFY THE REVOCATION  OF  ITS  LICENSE,
 AND TO THE EXTENT NECESSARY THEREFOR, THE SUPERINTENDENT MAY REQUIRE THE
 ATTENDANCE  OF  AND  EXAMINE  ANY  PERSON UNDER OATH, AND SHALL HAVE THE
 POWER TO COMPEL THE PRODUCTION OF ALL RELEVANT BOOKS, RECORDS, ACCOUNTS,
 AND DOCUMENTS.
   2. THE SUPERINTENDENT SHALL HAVE THE POWER TO MAKE  SUCH  EXAMINATIONS
 OF  THE  BOOKS,  RECORDS, ACCOUNTS AND DOCUMENTS USED IN THE BUSINESS OF
 ANY LICENSEE AS THE SUPERINTENDENT SHALL  DEEM  NECESSARY  TO  DETERMINE
 WHETHER  ANY  SUCH  LICENSEE  HAS VIOLATED ANY OF THE PROVISIONS OF THIS
 CHAPTER OR ANY OTHER APPLICABLE LAW OR TO  SECURE  INFORMATION  LAWFULLY
 REQUIRED BY THE SUPERINTENDENT.
   § 743. LICENSEE'S  BOOKS  AND RECORDS; REPORTS. 1. A BUY-NOW-PAY-LATER
 LENDER SHALL KEEP AND USE IN  ITS  BUSINESS  SUCH  BOOKS,  ACCOUNTS  AND
 RECORDS  AS  WILL  ENABLE  THE  SUPERINTENDENT TO DETERMINE WHETHER SUCH
 BUY-NOW-PAY-LATER LENDER IS COMPLYING WITH THE PROVISIONS OF THIS  ARTI-
 CLE  AND WITH THE RULES AND REGULATIONS LAWFULLY MADE BY THE SUPERINTEN-
 DENT HEREUNDER.  EVERY  BUY-NOW-PAY-LATER  LENDER  SHALL  PRESERVE  SUCH
 BOOKS,  ACCOUNTS  AND  RECORDS  FOR  AT LEAST SIX YEARS AFTER MAKING THE
 FINAL ENTRY IN RESPECT TO ANY BUY-NOW-PAY-LATER LOAN  RECORDED  THEREIN;
 PROVIDED,  HOWEVER,  THE PRESERVATION OF PHOTOGRAPHIC OR DIGITAL REPROD-
 UCTIONS THEREOF OR RECORDS IN PHOTOGRAPHIC OR DIGITAL FORM SHALL CONSTI-
 TUTE COMPLIANCE WITH THIS REQUIREMENT.
   2. BY A DATE TO BE SET BY  THE  SUPERINTENDENT,  EACH  LICENSEE  SHALL
 ANNUALLY  FILE  A REPORT WITH THE SUPERINTENDENT GIVING SUCH INFORMATION
 AS THE SUPERINTENDENT MAY REQUIRE CONCERNING THE LICENSEE'S BUSINESS AND
 OPERATIONS DURING THE PRECEDING CALENDAR YEAR WITHIN THE STATE UNDER THE
 AUTHORITY OF THIS ARTICLE. SUCH REPORT SHALL BE SUBSCRIBED AND  AFFIRMED
 AS  TRUE  BY  THE  LICENSEE UNDER THE PENALTIES OF PERJURY AND BE IN THE
 FORM PRESCRIBED BY  THE  SUPERINTENDENT.  IN  ADDITION  TO  SUCH  ANNUAL
 REPORTS,  THE  SUPERINTENDENT  MAY  REQUIRE OF LICENSEES SUCH ADDITIONAL
 REGULAR OR SPECIAL REPORTS AS THE SUPERINTENDENT MAY DEEM  NECESSARY  TO
 THE  PROPER SUPERVISION OF LICENSEES UNDER THIS ARTICLE. SUCH ADDITIONAL
 REPORTS SHALL BE IN THE FORM PRESCRIBED BY THE SUPERINTENDENT AND  SHALL
 BE SUBSCRIBED AND AFFIRMED AS TRUE UNDER THE PENALTIES OF PERJURY.
   § 744. ACTS  PROHIBITED.  1. NO BUY-NOW-PAY-LATER LENDER SHALL TAKE OR
 CAUSE TO BE TAKEN ANY CONFESSION OF JUDGMENT OR ANY POWER OF ATTORNEY TO
 CONFESS JUDGMENT OR TO APPEAR FOR THE CONSUMER IN A JUDICIAL PROCEEDING.
   2. NO BUY-NOW-PAY-LATER LENDER SHALL MAKE  OR  CAUSE  TO  BE  MADE  AN
 ADVERTISEMENT FOR A BUY-NOW-PAY-LATER LOAN THAT IS FALSE, MISLEADING, OR
 DECEPTIVE.
   § 745. LIMITATION  ON  CHARGES  ON BUY-NOW-PAY-LATER LOANS.   NOTWITH-
 STANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, NO  BUY-NOW-PAY-LA-
 TER  LENDER  SHALL  CHARGE,  CONTRACT  FOR,  OR OTHERWISE RECEIVE FROM A
 CONSUMER ANY INTEREST, PENALTY, LATE FEE, DISCOUNT  OR  OTHER  CONSIDER-
 ATION  IN  CONNECTION  TO  A BUY-NOW-PAY-LATER LOAN, WHETHER DIRECTLY OR
 INDIRECTLY.
 A. 9588                             6

   § 746. CONSUMER PROTECTIONS. 1. DISCLOSURES. A BUY-NOW-PAY-LATER LEND-
 ER SHALL DISCLOSE OR CAUSE TO BE DISCLOSED TO  CONSUMERS  THE  TERMS  OF
 BUY-NOW-PAY-LATER  LOANS,  INCLUDING  THE  COST, REPAYMENT SCHEDULE, AND
 OTHER MATERIAL CONDITIONS, IN A CLEAR AND CONSPICUOUS MANNER.
   2.  ABILITY  TO REPAY. SUBJECT TO REGULATIONS TO BE PROMULGATED BY THE
 SUPERINTENDENT, A BUY-NOW-PAY-LATER LENDER SHALL,  BEFORE  PROVIDING  OR
 CAUSING  TO BE PROVIDED A BUY-NOW-PAY-LATER LOAN TO A CONSUMER, MAKE, OR
 CAUSE TO BE MADE, A REASONABLE DETERMINATION THAT SUCH CONSUMER HAS  THE
 ABILITY TO REPAY THE BUY-NOW-PAY-LATER LOAN.
   3. CREDIT REPORTING PROHIBITION.  A BUY-NOW-PAY-LATER LENDER SHALL NOT
 REPORT  ANY  CONSUMER  DATA OBTAINED THROUGH A BUY-NOW-PAY-LATER LOAN TO
 ANY CREDIT REPORTING AGENCY.
   4. RETURNS, REFUNDS AND  CREDITS.  A  BUY-NOW-PAY-LATER  LENDER  SHALL
 HANDLE  OR  CAUSE  TO  BE HANDLED RETURNS OF AND REFUNDS AND CREDITS FOR
 GOODS OR SERVICES PURCHASED IN CONNECTION WITH A BUY-NOW-PAY-LATER  LOAN
 IN  A  MANNER  THAT  IS  FAIR, TRANSPARENT, AND NOT UNDULY BURDENSOME TO
 CONSUMERS. A BUY-NOW-PAY-LATER LENDER SHALL  MAINTAIN  OR  CAUSE  TO  BE
 MAINTAINED  POLICIES  AND PROCEDURES REGARDING SUCH HANDLING OF RETURNS,
 REFUNDS, AND CREDITS. A BUY-NOW-PAY-LATER LENDER SHALL DISCLOSE OR CAUSE
 TO BE DISCLOSED TO CONSUMERS IN A CLEAR AND CONSPICUOUS MANNER THE PROC-
 ESS BY WHICH THEY CAN RETURN AND OBTAIN REFUNDS OR CREDITS FOR GOODS  OR
 SERVICES  THEY  HAVE  PURCHASED WITH A BUY-NOW-PAY-LATER LOAN.  CONSUMER
 CLAIMS FOR RETURNS, REFUNDS, AND CREDITS SHALL ONLY BE FULFILLED BY  THE
 BUY-NOW-PAY-LATER  LENDER  UPON  RECEIPT OF THE RETURNED GOOD OR PRODUCT
 SUBJECT TO THE BUY-NOW-PAY-LATER LOAN FROM THE SELLER, OR THE  CANCELLA-
 TION OF THE SERVICE SUBJECT TO THE BUY-NOW-PAY-LATER LOAN FROM THE SELL-
 ER.
   5.  CONSUMER  DISPUTES.  A  BUY-NOW-PAY-LATER  LENDER SHALL RESOLVE OR
 CAUSE TO BE RESOLVED DISPUTES IN A MANNER THAT IS FAIR  AND  TRANSPARENT
 TO  CONSUMERS.  A  BUY-NOW-PAY-LATER  LENDER SHALL CREATE OR CAUSE TO BE
 CREATED A READILY AVAILABLE AND PROMINENTLY DISCLOSED METHOD FOR CONSUM-
 ERS TO BRING A DISPUTE TO THE BUY-NOW-PAY-LATER LENDER.  A  BUY-NOW-PAY-
 LATER LENDER SHALL MAINTAIN POLICIES AND PROCEDURES FOR HANDLING CONSUM-
 ER DISPUTES.
   6.  USE OF CONSUMER DATA. A BUY-NOW-PAY-LATER LENDER SHALL CLEARLY AND
 CONSPICUOUSLY DISCLOSE OR CAUSE TO BE DISCLOSED TO A CONSUMER  TO  WHICH
 IT  PROVIDES A LOAN HOW SUCH CONSUMER'S DATA MAY BE USED BY THE BUY-NOW-
 PAY-LATER LENDER. THE BUY-NOW-PAY-LATER LENDER SHALL PROVIDE THE CONSUM-
 ER THE OPPORTUNITY TO PROVIDE CONSENT TO  SUCH  COLLECTION  AND  USE  OF
 CONSUMER  DATA, PROVIDED THAT WITHOUT SUCH CONSENT THE BUY-NOW-PAY-LATER
 LENDER SHALL NOT COLLECT OR USE SUCH CONSUMER DATA.  THE SUPERINTENDENT,
 IN THEIR DISCRETION, MAY BY REGULATION PROHIBIT CERTAIN USES OF CONSUMER
 DATA IF SUCH USE POSES AN UNDUE RISK TO CONSUMERS.
   7. UNAUTHORIZED USE. THE SUPERINTENDENT  MAY  ISSUE  RULES  AND  REGU-
 LATIONS  REGARDING  TREATMENT OF UNAUTHORIZED USE, SO THAT CONSUMERS ARE
 LIABLE FOR USE OF BUY-NOW-PAY-LATER  LOANS  IN  THEIR  NAME  ONLY  UNDER
 CIRCUMSTANCES WHERE SUCH LIABILITY WOULD BE FAIR AND REASONABLE.
   8.  VOID BUY-NOW-PAY-LATER LOANS. ANY BUY-NOW-PAY-LATER LOAN MADE BY A
 PERSON NOT LICENSED UNDER THIS ARTICLE, OTHER THAN AN  EXEMPT  ORGANIZA-
 TION,  SHALL  BE VOID, AND SUCH PERSON SHALL HAVE NO RIGHT TO COLLECT OR
 RECEIVE ANY PRINCIPAL, INTEREST OR CHARGE WHATSOEVER.
   § 747. AUTHORITY OF SUPERINTENDENT. THE SUPERINTENDENT  IS  AUTHORIZED
 TO  PROMULGATE SUCH GENERAL RULES AND REGULATIONS AS MAY BE APPROPRIATE,
 IN THEIR SOLE DISCRETION, TO IMPLEMENT THE PROVISIONS OF  THIS  ARTICLE,
 PROTECT  CONSUMERS,  AND  ENSURE THE SOLVENCY AND FINANCIAL INTEGRITY OF
 BUY-NOW-PAY-LATER LENDERS. THE SUPERINTENDENT IS FURTHER  AUTHORIZED  TO
 A. 9588                             7
 
 MAKE  SUCH  SPECIFIC  RULINGS, DEMANDS, AND FINDINGS AS MAY BE NECESSARY
 FOR THE PROPER CONDUCT OF THE BUSINESS AUTHORIZED AND LICENSED UNDER AND
 FOR THE ENFORCEMENT OF THIS ARTICLE, IN ADDITION HERETO AND  NOT  INCON-
 SISTENT HEREWITH.
   § 748. PENALTIES. 1. ANY PERSON, INCLUDING ANY MEMBER, OFFICER, DIREC-
 TOR  OR  EMPLOYEE OF A BUY-NOW-PAY-LATER LENDER, WHO VIOLATES OR PARTIC-
 IPATES IN THE VIOLATION OF SECTION SEVEN HUNDRED  THIRTY-SEVEN  OF  THIS
 ARTICLE,  OR  WHO  KNOWINGLY MAKES ANY INCORRECT STATEMENT OF A MATERIAL
 FACT IN ANY APPLICATION, REPORT OR  STATEMENT  FILED  PURSUANT  TO  THIS
 ARTICLE,  OR WHO KNOWINGLY OMITS TO STATE ANY MATERIAL FACT NECESSARY TO
 GIVE THE SUPERINTENDENT ANY INFORMATION LAWFULLY REQUIRED BY THE  SUPER-
 INTENDENT  OR REFUSES TO PERMIT ANY LAWFUL INVESTIGATION OR EXAMINATION,
 SHALL BE GUILTY OF A MISDEMEANOR AND, UPON CONVICTION,  SHALL  BE  FINED
 NOT  MORE  THAN FIVE HUNDRED DOLLARS OR IMPRISONED FOR NOT MORE THAN SIX
 MONTHS OR BOTH, IN THE DISCRETION OF THE COURT.
   2. WITHOUT LIMITING ANY POWER GRANTED TO THE SUPERINTENDENT UNDER  ANY
 OTHER PROVISION OF THIS CHAPTER, THE SUPERINTENDENT MAY, IN A PROCEEDING
 AFTER  NOTICE  AND A HEARING REQUIRE A BUY-NOW-PAY-LATER LENDER, WHETHER
 OR NOT A LICENSEE, TO PAY TO THE PEOPLE OF THIS STATE A PENALTY FOR  ANY
 VIOLATION  OF  THIS  CHAPTER, ANY REGULATION PROMULGATED THEREUNDER, ANY
 FINAL OR TEMPORARY ORDER ISSUED PURSUANT TO SECTION THIRTY-NINE OF  THIS
 CHAPTER,  ANY  CONDITION  IMPOSED  IN  WRITING  BY THE SUPERINTENDENT IN
 CONNECTION WITH THE GRANT OF ANY APPLICATION OR REQUEST, OR ANY  WRITTEN
 AGREEMENT ENTERED INTO WITH THE SUPERINTENDENT, AND FOR KNOWINGLY MAKING
 ANY INCORRECT STATEMENT OF A MATERIAL FACT IN ANY APPLICATION, REPORT OR
 STATEMENT FILED PURSUANT TO THIS ARTICLE, OR KNOWINGLY OMITTING TO STATE
 ANY  MATERIAL  FACT NECESSARY TO GIVE THE SUPERINTENDENT ANY INFORMATION
 LAWFULLY REQUIRED BY THE SUPERINTENDENT OR REFUSING TO PERMIT ANY LAWFUL
 INVESTIGATION OR EXAMINATION. AS TO ANY BUY-NOW-PAY-LATER LENDER THAT IS
 NOT A LICENSEE OR AN EXEMPT ORGANIZATION, THE SUPERINTENDENT IS  AUTHOR-
 IZED  TO  IMPOSE  A  PENALTY  IN  THE  SAME AMOUNT AUTHORIZED IN SECTION
 FORTY-FOUR OF THIS CHAPTER FOR A VIOLATION OF THIS CHAPTER BY ANY PERSON
 LICENSED,  CERTIFIED,  REGISTERED,  AUTHORIZED,  CHARTERED,  ACCREDITED,
 INCORPORATED  OR  OTHERWISE  APPROVED  BY THE SUPERINTENDENT PURSUANT TO
 THIS CHAPTER.
   3. NO BUY-NOW-PAY-LATER LENDER SHALL  MAKE,  DIRECTLY  OR  INDIRECTLY,
 ORALLY  OR IN WRITING, OR BY ANY METHOD, PRACTICE OR DEVICE, A REPRESEN-
 TATION THAT SUCH BUY-NOW-PAY-LATER LENDER IS LICENSED UNDER THE  BANKING
 LAW  EXCEPT THAT A LICENSEE UNDER THIS CHAPTER MAY MAKE A REPRESENTATION
 THAT THE LICENSEE IS LICENSED AS A BUY-NOW-PAY-LATER LENDER  UNDER  THIS
 CHAPTER.
   § 749. SEVERABILITY.  IF ANY PROVISION OF THIS ARTICLE OR THE APPLICA-
 TION THEREOF TO ANY PERSON OR CIRCUMSTANCES IS HELD TO BE INVALID,  SUCH
 INVALIDITY  SHALL  NOT  AFFECT  OTHER PROVISIONS OR APPLICATIONS OF THIS
 ARTICLE WHICH CAN BE GIVEN  EFFECT  WITHOUT  THE  INVALID  PROVISION  OR
 APPLICATION,  AND TO THIS END THE PROVISIONS OF THIS ARTICLE ARE SEVERA-
 BLE.
   § 2. Subdivision 1 of section 36 of the banking  law,  as  amended  by
 chapter 146 of the laws of 1961, is amended to read as follows:
   1.  The  superintendent  shall have the power to examine every banking
 organization, every bank holding company and any non-banking  subsidiary
 thereof  (as  such terms "bank holding company" and "non-banking subsid-
 iary" are defined in article three-A of this chapter) and every licensed
 lender AND LICENSED BUY-NOW-PAY-LATER LENDER at any time  prior  to  its
 dissolution  whenever  in  his judgment such examination is necessary or
 advisable.
 A. 9588                             8
 
   § 3. Subdivision 10 of section 36 of the banking law,  as  amended  by
 section  2  of  part  L of chapter 58 of the laws of 2019, is amended to
 read as follows:
   10. All reports of examinations and investigations, correspondence and
 memoranda  concerning  or  arising  out of such examination and investi-
 gations, including any duly authenticated copy or copies thereof in  the
 possession  of  any  banking  organization,  bank holding company or any
 subsidiary thereof (as such terms "bank holding  company"  and  "subsid-
 iary"  are  defined in article three-A of this chapter), any corporation
 or any other entity affiliated with a banking  organization  within  the
 meaning  of  subdivision six of this section and any non-banking subsid-
 iary of a corporation or any other entity which is  an  affiliate  of  a
 banking  organization  within  the  meaning of subdivision six-a of this
 section, foreign banking corporation, licensed lender, LICENSED BUY-NOW-
 PAY-LATER LENDER, licensed casher of checks, licensed  mortgage  banker,
 registered  mortgage broker, licensed mortgage loan originator, licensed
 sales finance  company,  registered  mortgage  loan  servicer,  licensed
 student  loan  servicer,  licensed  insurance  premium  finance  agency,
 licensed transmitter of money, licensed budget planner, any other person
 or entity subject to supervision under this chapter, or the  department,
 shall  be  confidential communications, shall not be subject to subpoena
 and shall not be made public unless, in the judgment of the  superinten-
 dent,  the ends of justice and the public advantage will be subserved by
 the publication thereof, in which event the superintendent  may  publish
 or  authorize  the  publication of a copy of any such report or any part
 thereof in such manner as may be  deemed  proper  or  unless  such  laws
 specifically  authorize such disclosure. For the purposes of this subdi-
 vision, "reports of examinations and investigations, and any correspond-
 ence and memoranda concerning or arising out of  such  examinations  and
 investigations",  includes  any  such  materials of a bank, insurance or
 securities regulatory agency or any unit of the  federal  government  or
 that  of  this  state  any other state or that of any foreign government
 which are considered confidential by such agency or unit and  which  are
 in  the possession of the department or which are otherwise confidential
 materials that have been shared by the department with any  such  agency
 or unit and are in the possession of such agency or unit.
   § 4. Subdivisions 3 and 5 of section 37 of the banking law, as amended
 by chapter 360 of the laws of 1984, are amended to read as follows:
   3. In addition to any reports expressly required by this chapter to be
 made,  the superintendent may require any banking organization, licensed
 lender, LICENSED BUY-NOW-PAY-LATER LENDER, licensed  casher  of  checks,
 licensed  mortgage  banker,  foreign banking corporation licensed by the
 superintendent to do business in this state, bank  holding  company  and
 any  non-banking  subsidiary thereof, corporate affiliate of a corporate
 banking organization within the meaning of subdivision  six  of  section
 thirty-six  of  this  article and any non-banking subsidiary of a corpo-
 ration which is an affiliate of a corporate banking organization  within
 the  meaning  of subdivision six-a of section thirty-six of this article
 to make special reports to him at such times as he may prescribe.
   5. The superintendent may extend at his  discretion  the  time  within
 which  a  banking  organization, foreign banking corporation licensed by
 the superintendent to do business in this state, bank holding company or
 any non-banking subsidiary thereof, licensed casher of checks,  licensed
 mortgage  banker,  private  banker, LICENSED BUY-NOW-PAY-LATER LENDER or
 licensed lender is required to make and file any report  to  the  super-
 intendent.
 A. 9588                             9
 
   §  5. Section 39 of the banking law, as amended by section 3 of part L
 of chapter 58 of the laws of 2019, is amended to read as follows:
   § 39.  Orders  of superintendent. 1. To appear and explain an apparent
 violation. Whenever it shall appear to the superintendent that any bank-
 ing organization, bank  holding  company,  registered  mortgage  broker,
 licensed  mortgage  banker,  licensed  student loan servicer, registered
 mortgage loan servicer,  licensed  mortgage  loan  originator,  licensed
 lender,  LICENSED  BUY-NOW-PAY-LATER  LENDER, licensed casher of checks,
 licensed sales finance company, licensed insurance premium finance agen-
 cy, licensed transmitter of money, licensed budget planner, out-of-state
 state bank that maintains a branch  or  branches  or  representative  or
 other  offices in this state, or foreign banking corporation licensed by
 the superintendent to do business or maintain a representative office in
 this state has violated any law or regulation, he or she may, in his  or
 her  discretion,  issue  an order describing such apparent violation and
 requiring such banking organization, bank  holding  company,  registered
 mortgage  broker, licensed mortgage banker, licensed student loan servi-
 cer, licensed mortgage loan originator, licensed lender,  LICENSED  BUY-
 NOW-PAY-LATER  LENDER, licensed casher of checks, licensed sales finance
 company, licensed insurance premium finance agency, licensed transmitter
 of money, licensed budget planner, out-of-state state  bank  that  main-
 tains  a  branch  or branches or representative or other offices in this
 state, or foreign banking corporation to appear before him or her, at  a
 time  and  place  fixed in said order, to present an explanation of such
 apparent violation.
   2. To discontinue unauthorized or unsafe and unsound practices.  When-
 ever  it  shall  appear to the superintendent that any banking organiza-
 tion, bank holding company, registered mortgage broker,  licensed  mort-
 gage  banker,  licensed  student loan servicer, registered mortgage loan
 servicer, licensed mortgage loan originator, licensed  lender,  LICENSED
 BUY-NOW-PAY-LATER  LENDER,  licensed  casher  of  checks, licensed sales
 finance company, licensed insurance  premium  finance  agency,  licensed
 transmitter  of  money, licensed budget planner, out-of-state state bank
 that maintains a branch or branches or representative or  other  offices
 in  this  state,  or  foreign banking corporation licensed by the super-
 intendent to do business in this state  is  conducting  business  in  an
 unauthorized  or unsafe and unsound manner, he or she may, in his or her
 discretion, issue an order directing the discontinuance  of  such  unau-
 thorized or unsafe and unsound practices, and fixing a time and place at
 which  such banking organization, bank holding company, registered mort-
 gage broker, licensed mortgage banker, licensed student  loan  servicer,
 registered  mortgage  loan  servicer, licensed mortgage loan originator,
 licensed lender, LICENSED BUY-NOW-PAY-LATER LICENSED, licensed casher of
 checks, licensed  sales  finance  company,  licensed  insurance  premium
 finance  agency, licensed transmitter of money, licensed budget planner,
 out-of-state state bank that maintains a branch or branches or represen-
 tative or other offices in this state, or  foreign  banking  corporation
 may  voluntarily  appear before him or her to present any explanation in
 defense of the practices directed in said order to be discontinued.
   3. To make good impairment of capital or  to  ensure  compliance  with
 financial  requirements.  Whenever it shall appear to the superintendent
 that the capital or capital stock  of  any  banking  organization,  bank
 holding  company  or any subsidiary thereof which is organized, licensed
 or registered pursuant to this chapter, is impaired,  or  the  financial
 requirements  imposed by subdivision one of section two hundred two-b of
 this chapter or any regulation of the superintendent on  any  branch  or
 A. 9588                            10

 agency  of  a  foreign banking corporation or the financial requirements
 imposed by this chapter or any regulation of the superintendent  on  any
 licensed  lender, LICENSED BUY-NOW-PAY-LATER LENDER, registered mortgage
 broker,  licensed  mortgage  banker,  licensed  student  loan  servicer,
 licensed casher of checks,  licensed  sales  finance  company,  licensed
 insurance   premium  finance  agency,  licensed  transmitter  of  money,
 licensed budget planner or private banker are not satisfied, the  super-
 intendent  may,  in  the  superintendent's  discretion,  issue  an order
 directing that such banking organization, bank holding  company,  branch
 or  agency of a foreign banking corporation, registered mortgage broker,
 licensed mortgage banker, licensed student loan servicer, licensed lend-
 er,  LICENSED  BUY-NOW-PAY-LATER  LENDER,  licensed  casher  of  checks,
 licensed sales finance company, licensed insurance premium finance agen-
 cy,  licensed  transmitter of money, licensed budget planner, or private
 banker make good such deficiency forthwith or within a time specified in
 such order.
   4. To make good encroachments on reserves. Whenever it shall appear to
 the superintendent that either the total reserves or reserves on hand of
 any banking organization, branch or agency of a foreign  banking  corpo-
 ration  are  below the amount required by or pursuant to this chapter or
 any other applicable provision of law or regulation to be maintained, or
 that such banking organization, branch or agency of  a  foreign  banking
 corporation  is  not  keeping  its  reserves on hand as required by this
 chapter or any other applicable provision of law or  regulation,  he  or
 she  may,  in  his or her discretion, issue an order directing that such
 banking organization, branch or agency of a foreign banking  corporation
 make  good  such  reserves  forthwith or within a time specified in such
 order, or that it keep its reserves on hand as required by this chapter.
   5. To keep books and accounts as prescribed. Whenever it shall  appear
 to the superintendent that any banking organization, bank holding compa-
 ny,  registered  mortgage  broker,  licensed  mortgage  banker, licensed
 student loan servicer, registered mortgage loan servicer, licensed mort-
 gage loan originator, licensed lender, LICENSED BUY-NOW-PAY-LATER  LEND-
 ER,  licensed casher of checks, licensed sales finance company, licensed
 insurance  premium  finance  agency,  licensed  transmitter  of   money,
 licensed  budget  planner,  agency or branch of a foreign banking corpo-
 ration licensed by the superintendent to do business in this state, does
 not keep its books and accounts in such manner as to enable him  or  her
 to  readily  ascertain  its true condition, he or she may, in his or her
 discretion, issue an order requiring  such  banking  organization,  bank
 holding  company,  registered mortgage broker, licensed mortgage banker,
 licensed student  loan  servicer,  registered  mortgage  loan  servicer,
 licensed  mortgage  loan  originator, licensed lender, LICENSED BUY-NOW-
 PAY-LATER LENDER, licensed casher  of  checks,  licensed  sales  finance
 company, licensed insurance premium finance agency, licensed transmitter
 of  money,  licensed  budget planner, or foreign banking corporation, or
 the officers or agents thereof, or any of them, to open  and  keep  such
 books  or accounts as he or she may, in his or her discretion, determine
 and prescribe for the purpose of keeping accurate and convenient records
 of its transactions and accounts.
   6. As used in this section, "bank holding company" shall have the same
 meaning as that term is defined in section one hundred forty-one of this
 chapter.
   § 6. Subdivision 1 of section 42 of the banking  law,  as  amended  by
 chapter 65 of the laws of 1948, is amended to read as follows:
 A. 9588                            11
 
   1. The name and the location of the principal office of every proposed
 corporation, private banker, licensed lender, LICENSED BUY-NOW-PAY-LATER
 LENDER  and  licensed  casher  of  checks, the organization certificate,
 private banker's certificate or application for  license  of  which  has
 been filed for examination, and the date of such filing.
   §  7.  Subdivision  2  of section 42 of the banking law, as amended by
 chapter 553 of the laws of 1960, is amended to read as follows:
   2. The name and location of every licensed lender,  LICENSED  BUY-NOW-
 PAY-LATER  LENDER and licensed casher of checks, and the name, location,
 amount of capital stock or permanent capital and amount  of  surplus  of
 every  corporation and private banker and the minimum assets required of
 every branch of a foreign banking  corporation  authorized  to  commence
 business, and the date of authorization or licensing.
   §  8.  Subdivision  3  of section 42 of the banking law, as amended by
 chapter 553 of the laws of 1960, is amended to read as follows:
   3. The name of every proposed corporation, private banker, branch of a
 foreign banking corporation, licensed lender, LICENSED BUY-NOW-PAY-LATER
 LENDER and licensed casher of checks to which a certificate of  authori-
 zation or a license has been refused and the date of notice of refusal.
   §  9.  Subdivision  4  of section 42 of the banking law, as amended by
 chapter 60 of the laws of 1957, is amended to read as follows:
   4. The name and location of every  private  banker,  licensed  lender,
 licensed  casher of checks, sales finance company, LICENSED BUY-NOW-PAY-
 LATER LENDER and foreign corporation the  authorization  certificate  or
 license of which has been revoked, and the date of such revocation.
   §  10.  Subdivision  5 of section 42 of the banking law, as amended by
 chapter 249 of the laws of 1968, is amended to read as follows:
   5. The name of every banking organization, licensed  lender,  licensed
 casher  of  checks, LICENSED BUY-NOW-PAY-LATER LENDER and foreign corpo-
 ration which has applied for leave to change its place  or  one  of  its
 places  of  business  and  the  places  from  and to which the change is
 proposed to be made; the name of every banking  organization  which  has
 applied  to  change  the designation of its principal office to a branch
 office and to change the designation of one of its branch offices to its
 principal office, and the location of  the  principal  office  which  is
 proposed  to be redesignated as a branch office and of the branch office
 which is proposed to be redesignated as the principal office.
   § 11. Subdivision 6 of section 42 of the banking law,  as  amended  by
 chapter 249 of the laws of 1968, is amended to read as follows:
   6.  The  name of every banking organization, licensed lender, licensed
 casher of checks, LICENSED BUY-NOW-PAY-LATER LENDER and  foreign  corpo-
 ration  authorized  to change its place or one of its places of business
 and the date when and the places from and to which the change is author-
 ized to be made; the name of every banking  organization  authorized  to
 change the designation of its principal office to a branch office and to
 change  the  designation of a branch office to its principal office, the
 location of the redesignated principal office and  of  the  redesignated
 branch office, and the date of such change.
   § 12. Paragraph (a) of subdivision 1 of section 44 of the banking law,
 as  amended by section 4 of part L of chapter 58 of the laws of 2019, is
 amended to read as follows:
   (a) Without limiting any power granted to the superintendent under any
 other provision of this chapter, the superintendent may, in a proceeding
 after notice and a hearing, require any safe deposit  company,  licensed
 lender,  LICENSED  BUY-NOW-PAY-LATER  LENDER  licensed casher of checks,
 licensed sales finance company, licensed insurance premium finance agen-
 A. 9588                            12
 
 cy, licensed transmitter of money, licensed  mortgage  banker,  licensed
 student  loan  servicer,  registered  mortgage broker, licensed mortgage
 loan originator, registered mortgage loan servicer  or  licensed  budget
 planner  to  pay to the people of this state a penalty for any violation
 of this chapter, any regulation promulgated  thereunder,  any  final  or
 temporary  order issued pursuant to section thirty-nine of this article,
 any condition imposed in writing by  the  superintendent  in  connection
 with  the  grant of any application or request, or any written agreement
 entered into with the superintendent.
   § 13. This act shall take effect one year after it shall have become a
 law.  Effective immediately, the addition, amendment  and/or  repeal  of
 any  rule  or  regulation  authorized  to  be made by the superintendent
 pursuant to this act is authorized to be made and completed on or before
 such effective date.