New York has moved to regulate the 'buy now, pay later' service, which allows consumers to split purchases into multiple interest-free payments. This regulatory action comes in the wake of the previous federal rollback under the Trump administration. The new law, part of a $254 billion budget, aims to provide consumer protections, including rights to refunds and dispute resolution processes. Industry leaders have expressed their concern, seeing the regulations as misunderstanding the service. Advocates stress the importance of consumer protection, particularly for low-income buyers.
The buy now, pay later industry has grown exponentially in recent years, with lenders receiving around 1 million applications a day, highlighting a significant consumer trend.
Sen. James Sanders emphasized that the regulations are intended to protect consumers, especially lower-income individuals who might be inclined to overspend through these services.
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