The California Department of Financial Protection & Innovation (DFPI) has fined a Florida-based point-of-sale lender.
DFPI said buy now, pay later (BNPL) products are loans and that the companies that offer them must comply with California’s state lending rules. In 2020, DFPI entered similar settlements with BNPL companies Quadpay, Sezzle, Afterpay US, and Klarna, Inc.
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