The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (the “Act”) was signed into law on 11 April 2022 and fully commenced on 16 May 2022.

The Act extends the scope of firms which are required to secure authorisation from the Central Bank of Ireland (the “CBI”) as a retail credit firm and as a credit servicing firm.

There is a three-month transition period for firms carrying out certain “specified credit matters” or “specified hire matters” on or before 16 May 2022. Firms engaged in these activities must, by 16 August 2022, apply to the Central Bank for authorisation to continue to provide these services. Further information on transitional arrangements can be found on the Central Bank website.