<ul><li>New York state introduced legislation to provide oversight to the pay later sector as part of Gov. Kathy Hochul’s new budget.</li><li>The legislation aims to bolster consumer protection by establishing a licensing and supervision framework for BNPL providers, including disclosure requirements and data privacy protections.</li><li>The state budget also includes measures requiring businesses to make it easier for consumers to cancel subscriptions and online retailers to provide easily accessible return and refund policies.</li><li>While New York implements new BNPL regulations, federal BNPL regulation is being rolled back as the Consumer Financial Protection Bureau rescinds its proposal to treat pay later providers like credit card companies.</li></ul>

NY State Budget Provides New BNPL Oversight

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