| Entities | New York (11) |
| Topics and Issues |
In early-2024, New York governor, Kathy Hochul, proposed legislation in her 2025 budget to mandate BNPL reporting.
From TEDECA, Art. VII, Part CC, page 201, Art. XIV-B (Buy-Now-Pay-Later) § 735. This provision went nowhere. Of particular note is the paragraph on credit reporting:
Credit reporting. A buy-now-pay-later lender shall maintain or cause to be maintained policies and procedures for maintaining accurate data that may be reported to credit reporting agencies. The superintendent may issue regulations requiring that buy-now-pay-later lenders report or cause to be reported data on buy-now-pay-later loans to consumer reporting agencies, requiring that such reporting occur in a particular manner, or prohibiting such reporting.
Later that year a bill, also supported by the governor, went in the opposite direction. Under A. 9588-A. The bill would define and regulate BNPL services and BNPL lenders and then the bill would prohibit “buy-now-pay-later lender[s]” from “report[ing] any consumer data obtained through a buy-now-pay-later loan to any credit reporting agency. Sec. 746.3.
That bill would create a new article, Art. XIV-B (Buy-Now-Pay-Later Lenders) in the Banking Law. The bill was introduced by Assembly Member Hunter Pam Hunter (D-Syracuse). Hunter chairs Banks.
Resources:
- NY governor pursues BNPL regulation (Payments Dive, January 3, 2024)
- New York BNPL bill is dead, for now (Payments Dive, July 2, 2024).