A5664

Regulates buy now pay later lenders by requiring licensing, establishing lending limits, and protecting consumer data.

Advances the regulation of buy now pay later lenders by requiring them to obtain a license from the commissioner. Establishes licensing requirements, including submission of a business plan, compliance policies, and impact assessments. Prohibits unauthorized lending and sets maximum fees and interest rates. Mandates clear disclosure of loan terms and consumer data practices, including obtaining consent before using or sharing data. Specifies penalties for violations and authorizes private causes of action.