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Buy now, pay later companies must adhere to credit card standards, consumer agency says
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FILE - Consumer Financial Protection Bureau Director Rohit Chopra speaks from the South Court Auditorium on the White House complex in Washington, April 11, 2022. The Consumer Financial Protection Bureau says in a new rule that buy now, pay later lenders are basically credit card providers and must provide the same protections and rights that apply to those lenders. - photo by AP Photo/Jacquelyn Martin, File
NEW YORK (AP) — Buy now, pay later companies must provide consumers with the same legal rights and protections as credit card lenders do, the Consumer Financial Protection Bureau said Wednesday in a new rule. That includes the right to demand a refund and to dispute transactions. The agency began an inquiry into the short-term lending industry two years ago, and it issued the rule in response to ongoing consumer complaints, it said.