Senate Bill S9689

2023-2024 Legislative Session

Provides for the regulation of buy-now-pay-later lenders

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Banks Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S9689 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Add Art 14-B §§735 - 749, amd §§36, 37, 39, 42 & 44, Bank L

2023-S9689 (ACTIVE) - Summary

Provides for the regulation of buy-now-pay-later lenders; requires such lenders to be licensed; establishes prohibited acts, limitations on loans, and consumer protections.

2023-S9689 (ACTIVE) - Sponsor Memo

2023-S9689 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9689
 
                             I N  S E N A T E
 
                               May 21, 2024
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed 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. GROUNDS 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.
                                                            LBD15022-04-4
              

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