SB3561Introduced in the Senate
BUY-NOW-PAY-LATER ACT
Introduced by Michael Hastings, District 19
What does this bill do?
Plain-English breakdown
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Official description
Reinserts the provisions of the introduced bill with the following changes. Provides that an owner, officer, or employee of a person required to be licensed under the Act is not required to be licensed to engage in activities conducted by the licensee under the Act. Removes a provision that any person who engages in the business regulated by the Act without the license required by the Act shall be guilty of a Class 4 felony. Provides that the Act does not apply to a merchant or merchant platform that makes a buy-now-pay-later loan available to a consumer through an agreement with a licensed buy-now-pay-later lender, if the merchant or merchant platform does not originate, underwrite, service, or hold an interest in any buy-now-pay-later loan. Provides that the Act also does not apply to a person who buys, acquires, or holds a partial interest in a loan as a passive investor, but does not otherwise originate, underwrite, or service the loan or control the servicing of the loan. Provides that a person that (i) was providing buy-now-pay-later loans in the State before January 1, 2028 and (ii) submits an application for a license on or before January 1, 2028 shall be deemed a provisional licensee authorized to continue operating under the Act until the Department of Financial and Professional Regulation acts on the application. Provides that any loan made under and in compliance with the Act is not required to comply with the Consumer Installment Loan Act or the Payday Loan Reform Act. Removes provisions concerning action for damages. Makes changes to provisions concerning definitions; applicability; examinations and prohibited activities; suspension, revocation of licenses, and fines and other discipline; underwriting; and consumer protections. Effective immediately.
Where it stands
Public Act . . . . . . . . . 104-0475
June 25, 2026
How did lawmakers vote?
House votes
2 recorded votes · each counted separately
Senate votes
5 recorded votes · each counted separately
HouseStage: House Third Reading · May 31, 2026
116
Yes
0
No
0
Absent or Not Voting
116 representatives recorded in this House vote. Colors show vote categories only, not whether a vote was good or bad.
See how each representative voted
| Representative | District | Vote |
|---|---|---|
| Aaron Ortiz | 1 | Yes |
| Elizabeth Hernandez | 2 | Yes |
| Eva Dina Delgado | 3 | Yes |
| Lilian Jimenez | 4 | Yes |
| Kimberly Du Buclet | 5 | Yes |
| Sonya Harper | 6 | Yes |
| Emanuel Welch | 7 | Yes |
| LaShawn Ford | 8 | Yes |
| Yolanda Morris | 9 | Yes |
| Jawaharial Williams | 10 | Yes |
Bill history
Filed with Secretary by Sen. Michael E. Hastings
First Reading
Referred to Assignments
Assigned to Judiciary
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Michael E. Hastings
Senate Committee Amendment No. 1 Referred to Assignments
Senate Committee Amendment No. 1 Assignments Refers to Judiciary
Senate Committee Amendment No. 1 Adopted
Do Pass as Amended Judiciary; 009-000-000
Placed on Calendar Order of 2nd Reading March 12, 2026
Added as Co-Sponsor Sen. Michael W. Halpin
Added as Chief Co-Sponsor Sen. Christopher Belt
Added as Chief Co-Sponsor Sen. Suzy Glowiak Hilton
Added as Co-Sponsor Sen. Cristina Castro
Added as Co-Sponsor Sen. Mattie Hunter
Added as Co-Sponsor Sen. Doris Turner
Added as Co-Sponsor Sen. Graciela Guzmán
Added as Co-Sponsor Sen. Adriane L. Johnson
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Michael E. Hastings
Senate Floor Amendment No. 2 Referred to Assignments
Senate Floor Amendment No. 2 Assignments Refers to Judiciary
Senate Floor Amendment No. 2 Postponed - Judiciary
Rule 2-10 Third Reading Deadline Established As May 8, 2026
Second Reading
Placed on Calendar Order of 3rd Reading April 29, 2026
Added as Co-Sponsor Sen. Steve Stadelman
Rule 2-10 Third Reading Deadline Established As May 15, 2026
Senate Floor Amendment No. 3 Filed with Secretary by Sen. Michael E. Hastings
Senate Floor Amendment No. 3 Referred to Assignments
Rule 3-9(a) / Re-referred to Assignments
Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026
Approved for Consideration Assignments
Placed on Calendar Order of 3rd Reading May 20, 2026
Senate Floor Amendment No. 3 Assignments Refers to Judiciary
Senate Floor Amendment No. 4 Filed with Secretary by Sen. Michael E. Hastings
Senate Floor Amendment No. 4 Referred to Assignments
Senate Floor Amendment No. 4 Assignments Refers to Judiciary
Senate Floor Amendment No. 2 Postponed - Judiciary
Senate Floor Amendment No. 3 Recommend Do Adopt Judiciary; 008-000-000
Senate Floor Amendment No. 4 Recommend Do Adopt Judiciary; 008-000-000
Recalled to Second Reading
Senate Floor Amendment No. 3 Adopted; Hastings
Senate Floor Amendment No. 4 Adopted; Hastings
Placed on Calendar Order of 3rd Reading
Third Reading - Passed; 056-000-000
Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)
Added as Co-Sponsor Sen. Meg Loughran Cappel
Arrived in House
Chief House Sponsor Rep. Robert "Bob" Rita
First Reading
Referred to Rules Committee
Assigned to Judiciary - Civil Committee
Committee/Final Action Deadline Extended-9(b) May 31, 2026
Moved to Suspend Rule 21 Rep. Elizabeth "Lisa" Hernandez
Suspend Rule 21 - Prevailed 066-029-000
Do Pass / Short Debate Judiciary - Civil Committee; 019-000-000
Placed on Calendar 2nd Reading - Short Debate
Second Reading - Short Debate
Held on Calendar Order of Second Reading - Short Debate
Placed on Calendar Order of 3rd Reading - Short Debate
Third Reading/Final Action Deadline Extended-9(b) June 2, 2026
3/5 Vote Required
Third Reading - Short Debate - Passed 116-000-000
Passed Both Houses
Sent to the Governor
Governor Approved
Effective Date June 25, 2026
Public Act . . . . . . . . . 104-0475
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