Hastings fights for stronger oversight of Buy-Now-Pay-Later loans to protect Illinois consumers

SPRINGFIELD — State Senator Michael E. Hastings is speaking out on the need for stronger oversight of Buy-Now-Pay-Later programs, a fast-growing form of short-term credit that allows consumers to pay for purchases in installments.

“These programs may seem convenient at first, but they can carry hidden costs, unexpected fees and financial risks that often go unnoticed until it is too late,” said Hastings (D-Frankfort). “Young people, low-income families and those on fixed incomes are especially vulnerable. Illinois consumers deserve clear information, protections and accountability from lenders.”

Hastings advanced legislation that would require BNPL lenders to register with the state and provide full disclosures about repayment terms, interest rates and potential fees while maintaining fair and transparent dispute or refund processes. The legislation also would ensure consumers understand the total cost of borrowing and can make informed financial decisions.

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Hastings advances measure to simplify subscription cancellations

SPRINGFIELD — Subscription services often make canceling an active subscription difficult and convoluted in order to make customers give up or forget canceling the service. To combat this practice, State Senator Michael E. Hastings advanced legislation designed to protect Illinois consumers from hidden fees and confusing subscription contracts.

“Everyone knows this feeling ─ you decide it’s finally time to cancel that subscription you haven’t used in months, expecting it to be a simple press of a button,” said Hastings (D-Frankfort). “Suddenly, you need a password from 2007, your childhood pet’s middle name and the patience of a saint just to ensure you don’t keep getting charged for something you don’t want.”

Senate Bill 3562 would give consumers clear, retainable disclosures before subscriptions are activated. It would also guarantee that cancellations can be completed easily—online or in the same way the consumer signed up—and would ensure companies provide timely notice for any price increases or changes to contract terms.

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Hastings calls for regulation on online prediction markets skirting Illinois gambling laws

SPRINGFIELD — State Senator Michael E. Hastings is calling for support on legislation aimed at addressing online prediction platforms that allow users to wager money on real world events while avoiding the licensing and oversight required of regulated gambling operators in Illinois.

“These platforms are taking real money and allowing users to bet on outcomes just like a sportsbook,” said Hastings (D-Frankfort). “If you are operating like a gambling entity, taking wagers and profiting from those bets, then you should be subject to the same rules and consumer protections as every other gambling operator in Illinois.”

Senate Bill 4168 would clarify that platforms offering speculative contracts on future events may fall under Illinois gambling law if they function like betting operations.

Platforms such as Polymarket allow users to speculate on events ranging from elections and sports outcomes to geopolitical conflicts and economic developments. Prediction markets have grown rapidly in recent years, with billions of dollars wagered globally on event outcomes. Polymarket alone processed billions of dollars in trading volume during the 2024 election cycle, with some individual markets attracting tens of millions of dollars in wagers.

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Lawmaker proposes bill to regulate self-driving cars | The Chicago Report