Illinois Senate bill in Session 104.
Status: enacted. Latest action: June 25, 2026.
BUY-NOW-PAY-LATER ACT.
Creates the Buy-Now-Pay-Later Loan Regulation Act. Provides that it is unlawful for a person to act as a buy-now-pay-later lender unless the person registers with the Division of Financial Institutions of the Department of Financial and Professional Regulation. Sets forth requirements for registration; duties and powers of the Secretary of Financial and Professional Regulation; and administrative procedures. Provides that a buy-now-pay-lender shall provide specified disclosures to recipients. Provides that a violation of the Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Amends the Consumer Fraud and Deceptive Business Practices Act to make a conforming change.
| Date | Event | Detail |
|---|---|---|
| 2026-02-05 | Introduced | Bill introduced |
| 2026-06-25 | Status | enacted |
| 2026-06-25 | Latest Action | 6/25/2026 - Senate: |