BUY-NOW-PAY-LATER ACT

From the Legislature

Creates the Buy-Now-Pay-Later Loan Consumer Protection Act. Provides that no person shall engage in the business of providing buy-now-pay-later loans without licensure under the Act. Provides that the Division of Financial Institutions of the Department of Financial and Professional Regulation shall administer the Act. Sets forth requirements for initial licensure; renewals; revocations; grounds for discipline; and administrative procedures. Provides that any lender that offers a buy-now-pay-later loan to a consumer in this State shall comply with specified consumer protection provisions. Provides that a violation of the Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Amends the Consumer Fraud and Deceptive Business Practices Act to make a conforming change. Effective immediately.