The state’s financial regulators are urging New York lawmakers to strengthen oversight of "buy now, pay later" lending programs, which have grown rapidly in popularity but often lack clear consumer protections. Officials argue that current rules fail to address risks like hidden fees, debt spirals, and insufficient disclosure for borrowers, particularly younger or lower-income shoppers. The push includes calls for expanded enforcement authority to hold companies accountable for noncompliance, as existing frameworks leave gaps in monitoring and penalties. With consumer debt concerns rising, the debate centers on whether stricter state-level measures are needed to fill the void where federal regulations have lagged.
Mamdani administration presses Albany for tougher ‘buy now, pay later’ rules — and the power to enforce them amNewYork
