* § 736. Definitions. As used in this article, the following terms
shall have the following meanings:

1. "Authorized buy-now-pay-later lender" means a buy-now-pay-later
lender authorized by the superintendent pursuant to subdivision two of
section seven hundred thirty-seven of this article.

2. "Consumer" means an individual who is a resident of the state of
New York.

3. "Buy-now-pay-later loan" means closed-end credit provided to a
consumer in connection with such consumer's particular purchase of goods
and/or services, other than a motor vehicle as defined under section one
hundred twenty-five of the vehicle and traffic law. A "buy-now-pay-later
loan" does not include credit where the creditor is the seller of such
goods and/or services, unless it is credit pursuant to an agreement
whereby, at a consumer's request, the creditor purchases a specific good
and/or service from a seller and resells such specific good and/or
service to such consumer on closed-end credit. A "buy-now-pay-later
loan" shall include the following categories of such loans:

(a) "Buy-now-pay-later zero-interest loan" means a buy-now-pay-later
loan payable in one or more installments without any interest or finance
charge;

(b) "Buy-now-pay-later installment loan" means a buy-now-pay-later
loan with either interest or finance charges or both; and

(c) Any other subset of buy-now-pay-later loans the superintendent may
classify as a separate category by regulation.

4. "Buy-now-pay-later lender" means a person who offers
buy-now-pay-later loans in this state. For purposes of the preceding
sentence, "offer" means offering to make a buy-now-pay-later loan by
extending credit directly to a consumer or operating a platform,
software or system with which a consumer interacts and the primary
purpose of which is to allow third parties to offer buy-now-pay-later
loans, or both. A person shall not be considered a buy-now-pay-later
lender on the basis of isolated, incidental or occasional transactions
which otherwise meet the definitions of this section.

5. "Exempt organization" means any national bank, federal savings
bank, federal savings and loan association, federal credit union,
federal trust company, or foreign banking corporation licensed by the
comptroller of the currency to transact business in this state.

6. "Licensee" means a person who has been issued a license under this
article.

7. "Person" means an individual, partnership, corporation, association
or any other business organization.

* 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)