I'll give you the short version of this bill.
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Amends subsection (a)(1) by (1) adjusting punctuation in existing subparagraphs (D) and (E) and (2) adding a new subparagraph (F) to make offering or providing a 'buy now, pay later' loan (as defined in 15 U.S.C. 1602) an additional category of persons covered under the Bureau's supervision authority.
Adds a new definition for 'buy now, pay later loan' to the definitions section (section 103).
Modifies subsections (a) and (b) of section 127 by striking the phrase 'under an open end consumer credit plan' where it occurs.
Broadens coverage of claims and defenses provisions that previously applied to card issuers and credit card transactions to also apply to creditors providing buy now, pay later loans and to replace related terms to include buy now, pay later loans and consumers.
Makes provisions governing correction of billing errors applicable to buy now, pay later loans by adding that such errors provisions apply 'including a buy now, pay later loan' and by extending subsection (d) to cover buy now, pay later loans.
Extends the provision that applies to credit card accounts under an open end consumer credit plan to also apply to buy now, pay later loans.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S8923)
Introduced December 18, 2025 by John F. Reed · Last progress December 18, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S8923)
Introduced in Senate