"Illinois Governor J.B. Pritzker signed legislation to protect people who take out Buy Now Pay Later (BNPL) loans from hidden charges, unaffordable loans, and other risks. The Illinois law covers loans with four or fewer installments or a term of 120 days or less. The law limits BNPL loans to the 36% rate cap that covers other lenders in Illinois, and gives the state regulator the authority to limit late fees and other fees. It requires lenders to conduct reasonable risk-based underwriting and more..."