U.S. Senator Kirsten Gillibrand, along with Senators Jack Reed, Chris Van Hollen, and Richard Blumenthal, introduced legislation to extend Truth in Lending Act protections to “pay-in-four” loans. The Buy Now, Pay Later Protection Act sought to mandate standardized periodic statements, clear dispute and refund rights, and the disclosure of all fees upfront to prevent predatory practices. Representative Deborah Ross introduced companion legislation in the House following a record holiday shopping period where BNPL spending surpassed $1 billion.
