New Jersey would regulate lenders offering buy now pay later loans

New Jersey would regulate buy now pay later lenders. Coverage would include lenders and lending platforms offering New Jersey residents loans for specific purchases, excluding motor vehicles. Isolated, incidental, or occasional lending would be excluded. Seller credit would be excluded unless the seller buys and resells goods or services on credit at the customer's request. The act would take effect one year after enactment and cover contracts and agreements made on or after that date.