New York’s Hochul Plans New Rules for Buy Now, Pay Later Firms

Buy now, pay later companies face stepped-up oversight from New York financial regulators as part of a broader expansion of consumer protection laws in the state.

New York Gov. Kathy Hochul (D) said she plans to introduce legislation requiring such firms to get a license to operate in the state and giving New York’s Department of Financial Services the authority to issue regulations governing the industry.

Buy now, pay later products allow consumers to buy goods and services in four equal installments over six weeks without interest, making it a low-cost alternative for people looking to space out their spending. ...