The Mamdani administration is pressing state regulators to strengthen proposed rules governing “buy now, pay later” lenders, warning that financially strapped New Yorkers are increasingly using the products to pay for groceries, rent and medical care — leaving some juggling multiple loans and sinking deeper into debt.
In comments submitted to the state Department of Financial Services and obtained exclusively by amNewYork, the city Department of Consumer and Worker Protection is calling on regulators to explicitly cover financing marketed for rent and medical care, strengthen refund and disclosure protections and give the city parallel authority to enforce the new rules.
