On 21 January 2019, the Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Act 2018 (“2018 Act”) commenced. The purpose of the 2018 Act is to expand the definition of a ‘credit servicing firm’ and bring within the existing credit servicing framework, entities that acquire legal title to certain loans (performing and non-performing consumer loans) and associated ownership activities. Entities that fall within the expanded definition of a credit servicing firm must be authorised by the Central Bank of Ireland.
This Financial Regulation Unit briefing addresses:
- the additional entities that are now in-scope;
- the transitional provisions for newly in-scope firms;
- how an entity becomes authorised as a credit servicing firm;
- carve-outs to the credit servicing regime; and
- the supervisory and enforcement measures that firms are subject to under the 2018 Act.
Click here or on the image below to read our briefing in full.
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