* § 745. Interest and other charges. 1. No buy-now-pay-later lender
shall: (a) charge interest unless the rate of interest to be charged is
allowable pursuant to its license or authorization; (b) charge interest
unless the rate of interest to be charged is clearly disclosed and
agreed to by the consumer; or (c) directly or indirectly charge,
contract for, or receive any interest, discount, or consideration upon
the loan, use, forbearance of money, goods, or things, or inaction, or
upon the loan, use, or sale of credit greater than the maximum set by
the superintendent pursuant to this section, but in no case greater than
the rate permitted by section 5-501 of the general obligations law.

2. The superintendent shall establish a maximum cumulative amount of
all charges and fees that a buy-now-pay-later lender can charge a
consumer in connection with each category of buy-now-pay-later loans.
The superintendent shall also establish a maximum amount or percentage
for total specific charge or fee in connection with origination, late
payment, default or any other violation of the buy-now-pay-later loan
agreement, that a buy-now-pay-later lender can charge a consumer for
each category of buy-now-pay-later loans. Any such fee or charge shall
not be collected more than once for a single such late payment, default,
or other violation of the buy-now-pay-later loan agreement.

3. The superintendent shall promulgate rules and regulations regarding
the manner of charging interest and fees as prescribed as in this
section.

* 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)