N.Y. BNK Law § 745

* § 745. Interest and other charges. 1. No buy-now-pay-later lender\nshall: (a) charge interest unless the rate of interest to be charged is\nallowable pursuant to its license or authorization; (b) charge interest\nunless the rate of interest to be charged is clearly disclosed and\nagreed to by the consumer; or (c) directly or indirectly charge,\ncontract for, or receive any interest, discount, or consideration upon\nthe loan, use, forbearance of money, goods, or things, or inaction, or\nupon the loan, use, or sale of credit greater than the maximum set by\nthe superintendent pursuant to this section, but in no case greater than\nthe rate permitted by section 5-501 of the general obligations law.\n 2. The superintendent shall establish a maximum cumulative amount of\nall charges and fees that a buy-now-pay-later lender can charge a\nconsumer in connection with each category of buy-now-pay-later loans.\nThe superintendent shall also establish a maximum amount or percentage\nfor total specific charge or fee in connection with origination, late\npayment, default or any other violation of the buy-now-pay-later loan\nagreement, that a buy-now-pay-later lender can charge a consumer for\neach category of buy-now-pay-later loans. Any such fee or charge shall\nnot be collected more than once for a single such late payment, default,\nor other violation of the buy-now-pay-later loan agreement.\n 3. The superintendent shall promulgate rules and regulations regarding\nthe manner of charging interest and fees as prescribed as in this\nsection.\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