(WNY News Now) – New York – New York Governor Kathy Hochul unveiled a consumer protection and affordability agenda, including the first expansion of consumer laws since 1980. The multifaceted plan addresses unfair business practices, regulates Buy Now Pay Later services, increases paid medical and disability leave benefits, eliminates insurance co-pays for insulin, and combats medical debt.
Governor Hochul’s proposals aim to fortify consumer protections, aligning with the state’s commitment to fairness. Amendments to consumer laws, the most extensive since 1980, strengthen safeguards against deceptive and abusive practices, empowering the Attorney General.
In a pioneering move, Hochul seeks to regulate Buy Now Pay Later providers, requiring licenses and establishing robust industry protections. The plan includes disclosure standards, dispute resolution guidelines, and privacy measures, ensuring transparency and responsible lending.
For the first time in 35 years, medical and disability leave benefits could see a substantial increase, tied to the Statewide Average Weekly Wage. Hochul’s vision is to support employees, especially those with disabilities, by aligning benefits with actual living costs.
“The first plank of the 2024 State of the State is our Consumer Protection & Affordability Agenda – one that combats the effects of illness, disability, unfair business practices and low wages,” Governor Hochul said. “If the last two years have been about putting more money in New Yorkers’ pockets, this year is about keeping it there and that starts with safeguarding people’s hard-earned cash.”
Another revolutionary proposal targets insulin costs, aiming to eliminate co-pays entirely. This comprehensive legislation, unprecedented in the nation, could save New Yorkers an estimated $14 million in 2025, providing critical relief to the 1.58 million diagnosed with diabetes.
Acknowledging the burden of medical debt on over 700,000 New Yorkers, Hochul proposes legislation to limit hospitals’ ability to sue low-income patients and expand financial assistance programs. This holistic approach not only protects vulnerable communities but also aligns with efforts to improve overall health equity.
AARP New York State Director Beth Finkel said, “Governor Hochul is once again leading the way in protecting New York consumers from unfair business practices and shielding some of our most vulnerable residents from unscrupulous actions that can result in devastating personal financial setbacks. AARP New York recently applauded the Governor when she signed legislation ensuring medical debt doesn’t show up in a patient’s credit report. We did so again when she enacted a bill aimed at making prescription drug price increases more transparent, an important step in addressing the ever-rising costs of drugs so many New Yorkers depend upon. Older New Yorkers in particular will benefit from these new laws. We’re encouraged by the Governor’s plan to expand consumer protections and protections from medical debt for low-income New Yorkers. We look forward to working with the Governor as she launches her latest effort to provide all New Yorkers with more consumer protections against deceptive and abusive practices.”
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