Australia's government introduces legislation to strengthen BNPL protections, requiring background checks, credit licenses, and a new 'low-cost credit' category.
Australia's government introduces new legislation to strengthen protections for users of buy now, pay later (BNPL) services. The Responsible Buy Now Pay Later and Other Measures Bill requires BNPL providers to conduct background checks and obtain credit licenses, as well as establish a new category of 'low-cost credit' under the Credit Act to reflect the lower risk and cost of BNPL compared to regulated forms of credit. The legislation aims to balance consumer protection, affordability checks, and addressing potential risks of consumer harm.
June 04, 2024
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