US HB6891

Defines "buy now, pay later loan" as a closed-end consumer loan for retail transactions repaid in 4 or fewer interest-free installments with no finance charge

Extends Truth in Lending Act protections to BNPL customers, including billing error dispute rights and the ability to assert claims and defenses against creditors for merchandise disputes

Grants BNPL consumers the same rights as credit card holders to withhold payment when goods or services are defective or not delivered as agreed

Requires the Consumer Financial Protection Bureau to issue implementing rules within 1 year of enactment

Places BNPL lenders under federal supervision by the CFPB by amending the Consumer Financial Protection Act of 2010 to include them as covered entities