{"database": "press", "table": "releases", "rows": [["https://www.gillibrand.senate.gov/news/press/release/gillibrand-introduces-legislation-to-better-protect-consumers-and-crack-down-on-abusive-practices-in-the-buy-now-pay-later-industry/", "Gillibrand Introduces Legislation To Better Protect Consumers And Crack Down On Abusive Practices In The Buy Now, Pay Later Industry", "2025-12-18", "2025", "2025-12", "Democrat", "Senate", "NY", "Kirsten E. Gillibrand", "G000555", "www.gillibrand.senate.gov", "gillibrand", "https://www.gillibrand.senate.gov/press-releases/page/", "scraper", "Legislation follows record Buy Now, Pay Later spending during this year\u2019s Black Friday\u2013to\u2013Cyber Monday shopping period, which surpassed $1 billion\n\nThis holiday season, U.S. Senator Kirsten Gillibrand (D-NY) is leading the charge to protect consumers from abusive practices in the Buy Now, Pay Later (BNPL) industry.\n\nToday, Senators Gillibrand, Jack Reed (D-RI), Chris Van Hollen (D-MD), and Richard Blumenthal (D-CT) introduced commonsense legislation that would make key updates to the Truth in Lending Act (TILA) and extend many key consumer protections for traditional credit cards to \u201cpay-in-four\u201d BNPL loans. Representative Deborah Ross (D-NC-02) introduced companion legislation in the U.S. House of Representatives.\n\nAs shopping gets more convenient for consumers online and on their phones, BNPL loans have continued on a path of explosive growth. While BNPL allows consumers wary of credit cards to split up their purchases over time, it is crucial to ensure that the rulebook for BNPL products keeps pace with how they have become embedded in the shopping experience for many consumers\u2014especially younger borrowers.\n\nThe Buy Now, Pay Later Protection Act would update TILA so that when BNPL functions like a credit card, it carries the same core protections: commonsense parity for consumers and a level playing field for responsible providers.\n\nBNPL products have surged in popularity as an easy, convenient way to split purchases into interest-free installments at the click of a button. If they are well-designed, transparent, accountable, and supervised, BNPL products can legitimately serve an important role in meeting the needs of consumers who may be wary of credit cards.\n\nAs costs rise and usage of BPNL products increases across the nation, basic protections are needed to prevent predatory practices like hidden fees, failure to provide timely refunds, and pushing consumers to rack up unsustainable debt. These protections\u2014which currently exist for credit cards\u2014include standardized periodic statements, clear dispute and refund rights, and consistent billing-error procedures. Existing laws were not drafted with BNPL products in mind, resulting in gaps and uncertainty for BNPL users.\n\n\u201cAs prices continue to skyrocket, Buy Now, Pay Later options can be a helpful tool for families, especially during the holiday season. But as these loans have become more popular, we\u2019ve seen predatory companies exploit a lack of regulation by charging hidden fees and trapping families into paying more than they bargained for,\u201d said Senator Gillibrand. \u201cOur legislation will protect consumers, establish clear rules of the road, shine a light on the true cost of these products, and strengthen the rights of New Yorkers and families across the country.\u201d\n\n\u201cResponsible Buy Now, Pay Later options can be helpful to consumers. As they grow in popularity, we must take proactive steps to prevent unsuspecting risks to consumers,\u201d said Senator Reed. \u201cThe Buy Now, Pay Later Protection Act will set up real guardrails to better protect consumers and ensure that fees and terms are transparent and easy to understand.\u201d\n\n\u201cAt a time when prices are rising, Buy Now, Pay Later is a useful tool for many households, especially around the holidays. Unfortunately, these services are increasingly engaging in predatory practices, charging hidden fees and locking working Americans into inescapable cycles of debt,\u201d said Congresswoman Deborah Ross. \u201cCongress needs to put consumers first. That\u2019s why we\u2019re introducing the Buy Now, Pay Later Protection Act, which will ensure consumers have the options and information they need to make informed decisions.\u201d\n\nKey provisions of the bill include:\n\nDisclosures: Clear information on due dates, fees, and information on how consumers can dispute charges.\n\nRight to Periodic Statements: BNPL providers must issue periodic billing statements, similar to credit cards, so consumers can track their spending and balances.\n\nChargeback Rights: When customers are the victims of payment fraud or deceptive practices, they have the right to seek a chargeback.\n\nBilling Error Resolution: Provides timelines and procedures for investigating billing disputes and restricts adverse credit reporting or collection on transactions under active dispute.\n\nNo Surprise Fees: Providers can\u2019t jack up interest, fees, or other charges on an existing BNPL balance midway through repayment and can only apply fees that were disclosed up front.\n\nSupervision: Provides the CFPB with authority to supervise BNPL lenders to spot violations before they spiral out of control.\n\nThis legislation is endorsed by the National Consumer Law Center (on behalf of its low-income clients), Americans for Financial Reform, and the Consumer Federation of America.\n\nThe full text of the legislation can be found here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-06T20:09:11Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.gillibrand.senate.gov/news/press/release/gillibrand-introduces-legislation-to-better-protect-consumers-and-crack-down-on-abusive-practices-in-the-buy-now-pay-later-industry/"], "units": {}, "query_ms": 1.0458328761160374, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}