Bill To Regulate "Buy Now Pay Later" Credits Introduced In Parliament

A new amendment bill to regulate "buy now pay later" credits has recently been introduced in Parliament. The bill is expected to enter into force on 1 July 2023.

On 15 March 2023, the Minister for Industry, Business and Financial Affairs introduced in Parliament bill number L 58 which, among others, will amend parts of the Act on Consumer Loan Undertakings (lov om forbrugslånsvirksomheder) and the Credit Contracts Act (kreditaftaleloven) to bring "buy now pay later" credits ("BNPL credits") and the providers of such products within the scope of the same regulation as traditional consumer credit products. In our Insight from July 2022 we reviewed the consultation draft of the amendment bill in detail.