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Navigating the New BNPL Regulations: What You Need to Know

Navigating the New BNPL Regulations: What You Need to Know

As the Australian government moves to regulate Buy Now Pay Later (BNPL) services, providers are gearing up for significant changes. Under the proposed legislation, BNPL companies will need to acquire an Australian Credit Licence and adhere to modified responsible lending obligations. The draft legislation includes provisions for low cost credit contracts (LCCCs), a category encompassing BNPL products. This move aims to balance consumer access benefits with robust protections to prevent financial harm. Firms offering BNPL services must develop policies assessing the suitability of their products for consumers, with anti-avoidance measures in place to ensure compliance. Stakeholders are invited to provide input on this draft, which is part of a broader effort to integrate BNPL services into the existing credit regulatory framework.

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