New York A 6757: Provides that a fentanyl analogue shall be deemed to be a schedule I opiate

Bill Text

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A06757 Summary:

BILL NOA06757 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORHunter

&nbsp

COSPNSRWeprin, Burdick, Cunningham

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MLTSPNSR

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Add Art 14-B §§735 - 749, amd §§36, 37, 39, 42 & 44, Bank L

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Provides for the regulation of buy-now-pay-later lenders; requires such lenders to be licensed; establishes prohibited acts, limitations on loans, and consumer protections.

Go to top A06757 Actions:

BILL NOA06757 

&nbsp

03/11/2025referred to banks

01/07/2026referred to banks

Go to topA06757 Committee&nbspVotes:

Go to topA06757 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA06757 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6757

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 11, 2025
 ___________

 Introduced by M. of A. HUNTER, WEPRIN, BURDICK, CUNNINGHAM -- read once
 and referred to the Committee on Banks

 AN ACT to amend the banking law, in relation to the regulation of buy-
 now-pay-later lenders

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The banking law is amended by adding a new article 14-B to
 2 read as follows:

 3 ARTICLE XIV-B
 4 BUY-NOW-PAY-LATER LENDERS

 5 Section 735. Short title.
 6 736. Definitions.
 7 737. License.
 8 738. Conditions precedent to issuing a license; procedure where
 9 application is denied.
 10 739. License provisions and posting.
 11 740. Application for acquisition of control of buy-now-pay-later
 12 lender by purchase of stock.
 13 741. Ground for revocation or suspension of license; procedure.
 14 742. Superintendent authorized to examine.
 15 743. Licensee's books and records; reports.
 16 744. Acts prohibited.
 17 745. Limitation on charges on buy-now-pay-later loans.
 18 746. Consumer protections.
 19 747. Authority of superintendent.
 20 748. Penalties.
 21 749. Severability.
 22 § 735. Short title. This article shall be known and may be cited as
 23 the "Buy Now Pay Later act".

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01886-01-5

 A. 6757 2

 1 § 736. Definitions. As used in this article, the following terms shall
 2 have the following meanings:
 3 1. "Consumer" means an individual who is a resident of the state of
 4 New York.
 5 2. "Buy-now-pay-later loan" means credit provided to a consumer at the
 6 time of purchase in connection with such consumer's particular purchase
 7 of goods or services, other than a motor vehicle as defined under
 8 section one hundred twenty-five of the vehicle and traffic law, to be
 9 repaid by the consumer in installments.
 10 3. "Buy-now-pay-later lender" means a person who offers buy-now-pay-
 11 later loans in this state. For purposes of the preceding sentence,
 12 "offer" means offering to make a buy-now-pay-later loan by extending
 13 credit directly to a consumer or operating a platform, software or
 14 system with which a consumer interacts and the primary purpose of which
 15 is to allow third parties to offer buy-now-pay-later loans, or both. A
 16 person who sells goods or services to a consumer and extends credit to
 17 such consumer in connection with such consumer's particular purchase of
 18 such goods or services shall not be considered a buy-now-pay-later lend-
 19 er with respect to such transactions. A person shall not be considered a
 20 buy-now-pay-later lender on the basis of isolated, incidental or occa-
 21 sional transactions which otherwise meet the definitions of this
 22 section.
 23 4. "Exempt organization" means any banking organization or foreign
 24 banking corporation licensed by the superintendent or the comptroller of
 25 the currency to transact business in this state, national bank, federal
 26 savings bank, federal savings and loan association, or federal credit
 27 union. Subject to such regulations as may be promulgated by the super-
 28 intendent, "exempt organization" may also include any subsidiary of such
 29 entities.
 30 5. "Licensee" means a person who has been issued a license pursuant to
 31 this article.
 32 6. "Person" means an individual, partnership, corporation, association
 33 or any other business organization.
 34 § 737. License. 1. No person or other e