New York sets the standard for regulating BNPL lenders

The significant aspect of the new rules is that New York would strictly cap the late and other penalty fees that can add up for consumers.

New York is bidding to become the first state in the US to set rules on buy now, pay later (BNPL) that will provide convenience but also ensure that consumers are protected.

The New York Department of Financial Services (NYDFS) has proposed regulations to put into effect the bill that

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