N.Y. Banking Law § 747: Authority of superintendent

* § 747. Authority of superintendent. 1. The superintendent is

authorized to promulgate such general rules and regulations as may be

appropriate to implement the provisions of this article, protect

consumers, and ensure the solvency and financial integrity of

buy-now-pay-later lenders. The superintendent is further authorized to

make such specific rulings, demands, and findings as may be necessary

for the proper conduct of the business authorized and licensed under and

for the enforcement of this article, in addition hereto and not

inconsistent herewith.

2. In addition to such powers as may otherwise be prescribed by law,

the superintendent is hereby authorized and empowered to promulgate such

rules and regulations as may in the judgment of the superintendent be

consistent with the purposes of this article, or appropriate for the

effective administration of this article, including, but not limited to:

(a) such rules and regulations in connection with the activities of

buy-now-pay-later lenders as may be necessary and appropriate for the

protection of borrowers in this state;

(b) such rules and regulations as may be necessary and appropriate to

define deceptive or unfair practices in connection with the activities

of buy-now-pay-later lenders;

(c) such rules and regulations as may define the terms used in this

article and as may be necessary and appropriate to interpret and

implement the provisions of this article; and

(d) such rules and regulations as may be necessary for the enforcement

of this article.

3. When promulgating rules and regulations under this article, the

superintendent shall consider the applicability of other articles of

this chapter to buy-now-pay-later lenders and buy-now-pay-later loans

for the purpose of avoiding conflicting requirements.

* 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)