The main purpose of this legislative text is to update the Truth in Lending Act to include "buy now, pay later" loans and the companies that issue these loans under the same regulations that apply to credit cards and credit card issuers. This change aims to enhance consumer protection and ensure that consumers have clear information about these types of loans. Key provisions of this legislation include defining "buy now, pay later" loans as short-term loans that allow consumers to purchase goods or services and pay for them in up to four interest-free installments.