New York state's new regulation of 'buy now, pay later' loans aims to protect consumers by implementing essential rules after the previous national rollback. The legislation, part of the state budget, mandates companies to establish processes for refunds and dispute resolutions, addressing concerns mainly for lower-income populations susceptible to excessive spending. Despite industry pushback, the regulations highlight a commitment to safeguarding consumer interests while allowing for the integration of modern financial technologies.
The new law aims to protect millions of New York consumers who utilize buy now, pay later loans, particularly focusing on lower-income individuals at risk of overspending.
State lawmakers and Gov. Kathy Hochul enacted protections within their $254 billion budget, requiring companies to facilitate refunds and dispute resolutions for customers.
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