Banking Law § 744 · Article 14-B. Buy-now-pay-later Lenders
Acts prohibited
Text — Law content up to date as of January 9, 2026, as published by the New York State Senate (Open Legislation)
* § 744. Acts prohibited. 1. No buy-now-pay-later lender shall take or cause to be taken any confession of judgment or any power of attorney to confess judgment or to appear for the consumer in a judicial proceeding.
2. No buy-now-pay-later lender shall:
(a) employ any scheme, device, or artifice to defraud or mislead a borrower;
(b) engage in any deceptive or unfair practice toward any person or misrepresent or omit any material information in connection with the buy-now-pay-later loans, including, but not limited to, misrepresenting the amount, nature or terms of any fee or payment due or claimed to be due on the loan, the terms and conditions of the loan agreement or the borrower's obligations under the loan;
(c) misapply payments to the outstanding balance of any buy-now-pay-later loan or to any related fees;
(d) provide inaccurate information to a consumer reporting agency; or
(e) make any false statement or make any omission of a material fact in connection with any information or reports filed with a governmental agency or in connection with any investigation conducted by the superintendent or another governmental agency.
* NB Effective upon the one hundred eightieth day after the promulgation of rules and/or regulations by the department of financial services to effectuate certain provisions (see Ch. 58 of 2025, Part Y, § 13)
Source of truth
- Edition
- Law content up to date as of January 9, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/BNK744
- Text hash
- sha256 e6f9455dc1704e8ae417b881bc44c920e7121018e0bb4d716213a5323688a584
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
- The Senate prints "buy-now-pay-" at the end of a line and "later" at the start of the next; the line break is closed up and the hyphen kept.
- The Senate's note "Effective upon the one hundred eightieth day after the promulgation of rules and/or regulations by the department of financial services to effectuate certain provisions (see Ch. 58 of 2025, Part Y, § 13)": the text's effect turns on a condition, not a date; each text is printed.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.