BUY-NOW-PAY-LATER ACT

Summary

The Buy‑Now‑Pay‑Later Act makes it illegal to operate as a BNPL lender in Illinois without first registering with the Division of Financial Institutions. Registered lenders must give consumers clear loan disclosures, evaluate the borrower’s ability to repay, and follow federal privacy and credit reporting rules. Violations are treated as unlawful practices under the state Consumer Fraud and Deceptive Business Practices Act.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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