The Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 came into operation on 8 July 2015. The Act is designed to protect consumers and SMEs on the sale of loan portfolios to unregulated entities. The Act creates a new type of regulated entity called a ‘credit servicing firm’. Under transitional arrangements, persons carrying on the activities of a credit servicing firm immediately before the entry into operation of the Act are deemed to be authorised to continue doing so until the Central Bank has granted or refused authorisation provided that they submit a complete application for authorisation as a credit servicing firm to the Central Bank no later than 8 October 2015. For further details, see our briefing on the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015.
Contributed by Shane Kelleher.
