N.Y. BNK Law § 737

* § 737. License or authorization. 1. No person or other entity,\nexcept an exempt organization or an authorized buy-now-pay-later lender\nas defined in this article, shall act as a buy-now-pay-later lender\nwithout first obtaining a license from the superintendent under this\narticle.\n (a) An application for a license shall be in writing, under oath, and\nin the form and containing such information as the superintendent may\nrequire.\n (b) At the time of filing an application for a license, the applicant\nshall pay to the superintendent a fee as prescribed pursuant to section\neighteen-a of this chapter.\n (c) A license granted under this article shall be valid unless revoked\nor suspended by the superintendent or unless surrendered by the licensee\nand accepted by the superintendent.\n (d) No licensee or authorized buy-now-pay-later lender shall be\npermitted to engage in lending of any category of buy-now-pay-later loan\nnot captured by subdivision three of section seven hundred thirty-six of\nthis article without receiving permission from the superintendent to do\nso.\n (e) The superintendent shall establish a process by which a licensee\nor authorized lender may obtain permission to update categories of\nbuy-now-pay-later loans they are permitted to offer to a license or\nauthorization under this article, provided that a single license or\nauthorization may include multiple categories of buy-now-pay-later\nloans. A license or authorization granted under this article shall\nspecify the eligible buy-now-pay-later loans and shall be limited to\ncategories of lending in which the lender has been licensed or\nauthorized by the superintendent to engage. Buy-now-pay-later lenders\nshall not be required to obtain more than one license or authorization\nfor multiple categories of lending. A licensed or authorized\nbuy-now-pay-later lender must clearly and conspicuously disclose to\nconsumers its license or authorization status in accordance with section\nseven hundred thirty-nine of this article.\n (f) In connection with an application for a license, the applicant\nshall submit an affidavit of financial solvency, including financial\nstatements, noting such capitalization requirements and access to such\ncredit or such other affirmation or information as may be prescribed by\nthe regulations of the superintendent for different categories of\nbuy-now-pay-later loans. The applicant shall also submit policies and\nprocedures for underwriting such buy-now-pay-later loans.\n 2. Any banking organization, foreign banking corporation licensed by\nthe superintendent to transact business in this state or originating\nbuy-now-pay-later loans from a branch in this state subject to article\nfive-C of this chapter, or a licensed lender licensed by the\nsuperintendent under article nine of this chapter, other than an exempt\norganization, must obtain the superintendent's prior written\nauthorization to act as a buy-now-pay-later lender for specific\ncategories of buy-now-pay-later loans. The superintendent shall\nestablish a process by which an entity described in this subdivision may\nrequest such authorization to act as a buy-now-pay-later lender, which\nprocess shall include, but not be limited to, requirements that the\nentity requesting such authorization submit a written plan describing\nthe proposed buy-now-pay-later lending, its proposed policies and\nprocedures for complying with the provisions of this article, and the\nimpact on the overall business of the entity. The superintendent shall\nestablish a process for withdrawing an authorization to act as a\nbuy-now-pay-later lender.\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