* § 746. Consumer protections. 1. A buy-now-pay-later lender shall\ndisclose or cause to be disclosed to consumers the terms of\nbuy-now-pay-later loans, including, without limitation, the cost, such\nas interest and fees, repayment schedule, the means by which a consumer\nmay dispute billing practices, whether the transaction will or will not\nbe reported to a credit reporting agency, and other material conditions,\nin a clear and conspicuous manner. Disclosures shall comply with\napplicable federal regulations, including but not limited to regulation\nZ of title I of the Consumer Credit Protection Act.\n 2. Subject to regulations to be promulgated by the superintendent, a\nbuy-now-pay-later lender shall, before providing or causing to be\nprovided a buy-now-pay-later loan to a consumer, perform, or cause to be\nperformed, reasonable risk-based underwriting. A buy-now-pay-later\nlender shall maintain or cause to be maintained policies and procedures\nfor underwriting buy-now-pay-later loans, and shall disclose factors\nconsidered in such underwriting process, in a clear and conspicuous\nmanner to the consumer. No buy-now-pay-later lender shall collect,\nevaluate, report, or maintain in the file on a borrower the credit\nworthiness, credit standing, or credit capacity of members of the\nborrower's social network for purposes of determining the credit\nworthiness of the borrower; the average credit worthiness, credit\nstanding, or credit capacity of members of the borrower's social\nnetwork; or any group score that is not the borrower's own credit\nworthiness, credit standing, or credit capacity.\n 3. A buy-now-pay-later lender shall maintain or cause to be maintained\npolicies and procedures for maintaining accurate data that may be\nreported to credit reporting agencies. No buy-now-pay-later lender shall\nshare consumer data in a manner inconsistent with this article and\nregulations promulgated thereto.\n 4. A buy-now-pay-later lender shall provide or cause to be provided\nrefunds or credits for goods or services purchased in connection with a\nbuy-now-pay-later loan, if the consumer requests and is entitled to a\nrefund, in a manner that is fair, transparent, and not unduly burdensome\nto consumers. A buy-now-pay-later lender shall maintain or cause to be\nmaintained policies and procedures to provide such refunds or credits.\nSuch policies and procedures shall be fair, transparent, and not unduly\nburdensome to the consumer. A buy-now-pay-later lender shall disclose or\ncause to be disclosed to consumers, in a clear and conspicuous manner,\nthe process by which they can obtain refunds or credits for goods or\nservices they have purchased in connection with a buy-now-pay-later\nloan.\n 5. A buy-now-pay-later lender shall resolve or cause to be resolved\ndisputes in a manner that is fair and transparent to consumers. A\nbuy-now-pay-later lender shall create or cause to be created a readily\navailable and prominently disclosed method for consumers to bring a\ndispute to the buy-now-pay-later lender. A buy-now-pay-later lender\nshall maintain policies and procedures for handling consumer disputes.\nThe superintendent may promulgate rules and regulations regarding\ntreatment of unauthorized use, so that consumers are liable for use of\nbuy-now-pay-later loans in their name only under circumstances where\nsuch liability would be fair and reasonable. A buy-now-pay-later lender\nshall apply to buy-now-pay-later loans the dispute rights and\nunauthorized charges requirements that apply to credit cards under the\nTruth in Lending Act, 15 U.S.C. § 1643, 1666, 1666a, 1666i, regardless\nof whether such law applies to buy-now-pay-later loans or whether the\nbuy-now-pay-later lender offers a credit card within the scope of such\nlaw.\n 6. A buy-now-pay-later lender may use, sell, or share the data of a\nconsumer, other than in connection with the making of a particular\nbuy-now-pay-later loan to the consumer, only with the consumer'
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