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Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
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Compliance Risk Compliance with various consumerprotection-related laws and regulations [1] is critical for banks furnishing BNPL loans to ensure that obligations are understood and met on both sides of the transaction.
A licensee must disclose to California customers: applicable fees, how they are calculated, and that the customer is entitled to a 14-day advance notice of any fee or other material change; whether and to what extent a product or service is covered by insurance (public or private); which transfers or exchanges and accompanying payments are irrevocable, (..)
State Agencies: In addition to federal oversight, individual states have regulatory agencies responsible for overseeing financial institutions and consumerprotection within their jurisdictions. It mandates disclosure of terms and conditions, errorresolution procedures, and limits on consumer liability for unauthorized transactions.
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