On 8 July 2015, the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the ‘Act’) was enacted and came into operation. The Act is designed to protect consumers upon the sale of consumer loan portfolios to unregulated entities. It creates a new type of regulated entity called a ‘credit servicing firm’.
To find out more about the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 click here.
