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Disapproval of 'Buy Now, Pay Later' Loan Regulations

This resolution aims to cancel new rules for "Buy Now, Pay Later" (BNPL) loans, which were intended to fall under "Truth in Lending" regulations. If passed, it means these loans will not be subject to the new requirements, potentially affecting how they are offered and their accessibility to consumers.
Key points
Congress seeks to block rules that would have brought "Buy Now, Pay Later" (BNPL) loans under consumer lending disclosure regulations.
If the resolution passes, BNPL loans will not need to meet new transparency and consumer protection requirements, potentially impacting their terms.
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Expired
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Additional Information
Print number: 118_HJRES_190
Sponsor: Rep. Palmer, Gary J. [R-AL-6]
Process start date: 2024-07-18
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_190.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-07-18.

What are the main provisions?

Key points include:

  • Congress seeks to block rules that would have brought "Buy Now, Pay Later" (BNPL) loans under consumer lending disclosure regulations.
  • If the resolution passes, BNPL loans will not need to meet new transparency and consumer protection requirements, potentially impacting their terms.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Palmer, Gary J. [R-AL-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy