What are the key changes as part of the BNPL regulations?

Under new regulation, key changes are:

• Credit licencing: All BNPL providers are required to have a credit licence. humm group has multiple credit licences for different products. Post 10th of June, humm will be provided by Once Credit Pty Limited ABN 99 112 319 632, Australian Credit Licence No. 386194 and will be subject to the Terms & Conditions. Once Credit Pty Limited is a member of humm group.
• Modified Responsible Lending Obligations (mRLOs): ALL BNPL providers will need to enquire about income, expenses and living arrangements. In some instances, additional information may be required to verify their financial position.