BNPL regulatory landscape: federal legislation (Rep. Goldman) + Illinois SB3561 + industry pushback
Key Questions
What federal BNPL legislation has Rep. Goldman introduced?
Rep. Goldman has introduced new federal legislation focused on protecting consumers in the buy-now-pay-later space. This effort is part of evolving regulatory developments that may raise compliance costs while helping legitimize the industry.
What is the status of Illinois SB3561 on BNPL lenders?
Illinois Governor Pritzker signed SB3561 into law, requiring BNPL providers such as Affirm to register and comply by 2028. The bill targets junk fees and other practices affecting buy-now-pay-later services.
How have stakeholders responded to the new BNPL regulations?
Industry and consumer groups have criticized the Illinois law. Broader regulatory steps, including CDIA Metro 2 guidance, aim to reduce ambiguity even as compliance burdens increase.
Rep. Goldman introduces new federal BNPL legislation to protect consumers. Illinois SB3561 advances with industry and consumer groups panning the law. CDIA Metro 2 guidance reduces ambiguity. These developments could increase compliance costs but also legitimize the industry. Latest: Illinois Governor Pritzker signed SB3561 into law; Affirm must register/comply by 2028.