Archive for August, 2022

California Department of Financial Protection & Innovation Settles With "Buy Now, Pay Later" Company

On August 3, 2022, the California Department of Financial Protection and Innovation (DFPI) announced ​that it had entered into a consent order with a Florida-based lending company that allegedly made “illegal loans.” Specifically, the consen​t order alleges that the company’s policy of making “buy now, pay later” arrangements for point-of-sale transactions qualified as “loans,” subjecting…

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