The implementation of Buy Now, Pay Later (BNPL) credit arrangements have flourished as an innovative consumer offering, particularly for the unsecured credit market. Understanding when and if the BNPL arrangement falls within or outside of the scope of regulation is key. Mayer Brown’s Fintech and Payments lawyers help clients understand their regulatory obligations and licensing requirements related to BNPL offerings, as well as how to navigate the processes and procedures to achieve compliance.


Mayer Brown lawyers have been retained to advise clients in numerous recent engagements, including the following:

  • Afterpay in connection with warehouse financings from various banks and asset-backed commercial paper conduits.
  • A BNPL provider in connection with various state regulatory inquiries and investigations.
  • BNPL providers in connection with state licensing and regulatory restrictions on charging fees, including in connection with the transition of a program from a sales finance model to a direct lending model.
  • Regulatory counsel to various banks in connection with several financings of BNPL programs.
  • A large commercial bank in its potential sale of a leading point-of-sale lending business.
  • An online billing system in connection with the development and day-to-day compliance management of a card-accessible BNPL product.
  • An ecommerce fraud-prevention SaaS solution in connection with the design, launch and evolution of a BNPL program involving a combination of loan and sales finance structures.
  • An ecommerce fraud-prevention SaaS solution in connection with regulatory questions arising in equity raises.

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