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Several members of the mortgage broking industry have welcomed the news that the Buy Now, Pay Later sector is set to be regulated under the Credit Act.
Australia s Buy Now, Pay Later industry will soon be regulated under the National Consumer Credit Protection Act 2009 (Cth). Industry should begin preparing for the changes but will have a further opportunity to comment on the final form of the legislation.
The federal government will classify buy now, pay later options as credit products, as part of sweeping changes to protect both consumers and the industry. Here's what it means in practice.