Establishes the Buy-Now-Pay-Later Loan Regulation Act in Illinois.
The Buy-Now-Pay-Later Loan Regulation Act in Illinois mandates that any person acting as a buy-now-pay-later lender must register with the Division of Financial Institutions of the Department of Financial and Professional Regulation. The Act outlines specific registration requirements, including fees and information to be submitted. It grants the Secretary of Financial and Professional Regulation various powers, such as issuing subpoenas, conducting investigations, and imposing penalties for violations.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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