119th (2025–2027)
H.R. 9275
This bill brings "buy now, pay later" (BNPL) services under the same consumer protection rules that currently apply to credit cards. BNPL services are short-term financing options that allow consumers to purchase items and pay for them in installments, typically four interest-free payments made at the point of sale. By classifying BNPL loans as credit cards under the Truth in Lending Act, the legislation requires BNPL companies to follow existing credit card regulations designed to protect consumers, including disclosure requirements and other safeguards. The Consumer Financial Protection Bureau must issue detailed rules within 180 days to implement these new requirements for BNPL issuers. This change affects both BNPL companies and millions of consumers who use these services, ensuring they receive the same transparency and protections as traditional credit card users.