This paper documents an unintended consequence of the 2018 Primary Beneficiary Test (PBT) for internships, which provides greater flexibility in defining unpaid internships. We show that, following the implementation of the PBT, firms with greater reliance on interns are more likely to omit pay information and less likely to disclose paid positions in internship job postings than those with lower reliance. Additionally, we do not observe that firms have changed the disclosure of other job benefits or requirements. The effects are stronger for firms in less competitive markets or those with lower reputational concerns and higher labor reliance. We further show that firms that are less transparent about internship pay receive lower social ratings and more negative intern feedback. These findings highlight how regulatory flexibility unintentionally limits transparency in internship job postings, potentially disadvantaging those seeking fair internship opportunities.