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  1. Point in time
    2020-12-31

BNPL agreement

a regulated credit agreement (whether an agreement for running-account credit or fixed-sum credit) which is a borrower-lender-supplier agreement:

(1) to finance the acquisition of goods, or goods and services, from:

(a) the lender; or

(b) a supplier that is in a limited network of suppliers under a direct commercial agreement with the lender,

and where the credit cannot be used for any other purpose, including an agreement for a store card but excluding an agreement for a credit card; and

(2) the terms of which have or may have the effect that some, or all, of the credit advanced under the agreement meets the definition of BNPL credit.