Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans".

Bill 118 hjres 195, also known as the "Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to 'Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans'", is a piece of legislation that aims to overturn a rule proposed by the Bureau of Consumer Financial Protection.

The rule in question pertains to the use of digital user accounts to access Buy Now, Pay Later loans under the Truth in Lending Act (Regulation Z). Buy Now, Pay Later loans are a type of financing that allows consumers to make purchases and pay for them in installments over time. The rule submitted by the Bureau of Consumer Financial Protection outlines guidelines for how these loans can be accessed through digital user accounts.

The bill seeks to disapprove of this rule under chapter 8 of title 5 of the United States Code, which allows Congress to overturn regulations issued by federal agencies. If passed, the bill would prevent the rule from going into effect and would require the Bureau of Consumer Financial Protection to revise or withdraw the rule. Overall, Bill 118 hjres 195 is a legislative effort to challenge and potentially block a regulation related to Buy Now, Pay Later loans accessed through digital user accounts, with the goal of ensuring consumer protection and financial transparency.