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Klarna and fintech group back bill clarifying Ohio Small Loan Act to preserve bank-issued buy-now-pay-later
Summary
Proponents including Klarna and the Financial Technology Association supported Senate Bill 269, saying it would codify long-standing interpretations of the Ohio Small Loan Act and exempt bank-issued small-dollar, short-term loans (commonly used in buy-now-pay-later products) from licensing that would otherwise restrict such lending.
At a second hearing on Senate Bill 269, proponents from industry and trade groups told the Financial Institutions Insurance Technology Committee the bill would clarify that bank-issued small-dollar loans offered through fintech platforms are exempt from licensing under the Ohio Small Loan Act.
Jeff Anderson, head of U.S. policy at Klarna, said the bill "simply codifies what's long been understood, that licensed banks and their service providers can offer small…
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