N.Y. BNK Law § 736

* § 736. Definitions. As used in this article, the following terms\nshall have the following meanings:\n 1. "Authorized buy-now-pay-later lender" means a buy-now-pay-later\nlender authorized by the superintendent pursuant to subdivision two of\nsection seven hundred thirty-seven of this article.\n 2. "Consumer" means an individual who is a resident of the state of\nNew York.\n 3. "Buy-now-pay-later loan" means closed-end credit provided to a\nconsumer in connection with such consumer's particular purchase of goods\nand/or services, other than a motor vehicle as defined under section one\nhundred twenty-five of the vehicle and traffic law. A "buy-now-pay-later\nloan" does not include credit where the creditor is the seller of such\ngoods and/or services, unless it is credit pursuant to an agreement\nwhereby, at a consumer's request, the creditor purchases a specific good\nand/or service from a seller and resells such specific good and/or\nservice to such consumer on closed-end credit. A "buy-now-pay-later\nloan" shall include the following categories of such loans:\n (a) "Buy-now-pay-later zero-interest loan" means a buy-now-pay-later\nloan payable in one or more installments without any interest or finance\ncharge;\n (b) "Buy-now-pay-later installment loan" means a buy-now-pay-later\nloan with either interest or finance charges or both; and\n (c) Any other subset of buy-now-pay-later loans the superintendent may\nclassify as a separate category by regulation.\n 4. "Buy-now-pay-later lender" means a person who offers\nbuy-now-pay-later loans in this state. For purposes of the preceding\nsentence, "offer" means offering to make a buy-now-pay-later loan by\nextending credit directly to a consumer or operating a platform,\nsoftware or system with which a consumer interacts and the primary\npurpose of which is to allow third parties to offer buy-now-pay-later\nloans, or both. A person shall not be considered a buy-now-pay-later\nlender on the basis of isolated, incidental or occasional transactions\nwhich otherwise meet the definitions of this section.\n 5. "Exempt organization" means any national bank, federal savings\nbank, federal savings and loan association, federal credit union,\nfederal trust company, or foreign banking corporation licensed by the\ncomptroller of the currency to transact business in this state.\n 6. "Licensee" means a person who has been issued a license under this\narticle.\n 7. "Person" means an individual, partnership, corporation, association\nor any other business organization.\n * NB Effective upon the one hundred eightieth day after the\npromulgation of rules and/or regulations by the department of financial\nservices to effectuate certain provisions (see Ch. 58 of 2025, Part Y, §\n13)\n