* § 737. License or authorization. 1. No person or other entity,
except an exempt organization or an authorized buy-now-pay-later lender
as defined in this article, shall act as a buy-now-pay-later lender
without first obtaining a license from the superintendent under this
article.

(a) An application for a license shall be in writing, under oath, and
in the form and containing such information as the superintendent may
require.

(b) At the time of filing an application for a license, the applicant
shall pay to the superintendent a fee as prescribed pursuant to section
eighteen-a of this chapter.

(c) A license granted under this article shall be valid unless revoked
or suspended by the superintendent or unless surrendered by the licensee
and accepted by the superintendent.

(d) No licensee or authorized buy-now-pay-later lender shall be
permitted to engage in lending of any category of buy-now-pay-later loan
not captured by subdivision three of section seven hundred thirty-six of
this article without receiving permission from the superintendent to do
so.

(e) The superintendent shall establish a process by which a licensee
or authorized lender may obtain permission to update categories of
buy-now-pay-later loans they are permitted to offer to a license or
authorization under this article, provided that a single license or
authorization may include multiple categories of buy-now-pay-later
loans. A license or authorization granted under this article shall
specify the eligible buy-now-pay-later loans and shall be limited to
categories of lending in which the lender has been licensed or
authorized by the superintendent to engage. Buy-now-pay-later lenders
shall not be required to obtain more than one license or authorization
for multiple categories of lending. A licensed or authorized
buy-now-pay-later lender must clearly and conspicuously disclose to
consumers its license or authorization status in accordance with section
seven hundred thirty-nine of this article.

(f) In connection with an application for a license, the applicant
shall submit an affidavit of financial solvency, including financial
statements, noting such capitalization requirements and access to such
credit or such other affirmation or information as may be prescribed by
the regulations of the superintendent for different categories of
buy-now-pay-later loans. The applicant shall also submit policies and
procedures for underwriting such buy-now-pay-later loans.

2. Any banking organization, foreign banking corporation licensed by
the superintendent to transact business in this state or originating
buy-now-pay-later loans from a branch in this state subject to article
five-C of this chapter, or a licensed lender licensed by the
superintendent under article nine of this chapter, other than an exempt
organization, must obtain the superintendent's prior written
authorization to act as a buy-now-pay-later lender for specific
categories of buy-now-pay-later loans. The superintendent shall
establish a process by which an entity described in this subdivision may
request such authorization to act as a buy-now-pay-later lender, which
process shall include, but not be limited to, requirements that the
entity requesting such authorization submit a written plan describing
the proposed buy-now-pay-later lending, its proposed policies and
procedures for complying with the provisions of this article, and the
impact on the overall business of the entity. The superintendent shall
establish a process for withdrawing an authorization to act as a
buy-now-pay-later lender.

* 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)