Pay-later services can fall into something of a gray area because of the length and terms of their products. They don’t carry the same dispute protections that consumers have come to expect from credit card providers, the Consumer Financial Protection Bureau has said, and getting refunds can be more complicated.And last year, the California Department of Financial Protection and Innovation temporarily halted the top players’ main businesses and required them to refund nearly $2 million in fees after concluding that they had structured their products to evade regulation. To do business in the state, they must now be licensed …
