Daniel Goldman (D-NY)
Buy Now Pay Later Consumer Protection Act of 2026
A Democratic bill with no cosponsors
Last activity — Referred to the House Committee on Financial Services.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, known as the "Buy Now Pay Later Consumer Protection Act of 2026," aims to amend the Truth in Lending Act. It seeks to include "buy now, pay later loans" and their issuers within the definitions of "credit card" and "credit issuer." The bill defines these loans as closed-end consumer loans for goods or services that are repaid in no more than four interest-free installments without a finance charge. Additionally, the bill mandates that the Bureau of Consumer Financial Protection issue specific rules to carry out these changes.
Yes· 3 of 4
- Scored +6
Does this give people more protection from unfair business practices?
The bill extends Truth in Lending Act protections to buy now, pay later loan issuers to better regulate consumer credit.
- Scored +4
Would households on low incomes be better off under this?
The bill provides more oversight on installment-based financing often used by low-income consumers.
- Scored +3
Would middle-income households be better off under this?
The bill subjects common consumer financing methods to federal truth-in-lending standards.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Regulation of Buy Now, Pay Later Loans: By including these loans in the definition of a credit card under the Truth in Lending Act, the bill subjects these transactions to existing consumer protection frameworks (Section 2(a)).
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Standardized Rulemaking: The bill requires the Bureau of Consumer Financial Protection to issue rules within 180 days to ensure these new loan types are regulated in accordance with specific federal regulations (Section 2(b)).
Potential Negative Impacts for People
- No specific negative impacts are mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — The bill provides more oversight on installment-based financing often used by low-income consumers. Would middle-income households be better off under this? — The bill subjects common consumer financing methods to federal truth-in-lending standards.
- Economy And Finance
- Does this give people more protection from unfair business practices? — The bill extends Truth in Lending Act protections to buy now, pay later loan issuers to better regulate consumer credit.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill empowers the Bureau of Consumer Financial Protection to issue new rules for regulated loan products.
- 6/11/2026
- Referred to the House Committee on Financial Services.
- Introduced in House