On 15 January 2015, the Department of Finance published the Consumer Protection (Regulation of Credit Servicing Firms) Bill which follows the Consultation Paper on the Regulation of Loan Portfolio Buyers that was issued by the Department of Finance in July 2014 (see our briefing on the Consultation Paper).
The Consultation Paper proposed draft legislation that would have required the holders of credit provided to individuals to be authorised under the existing retail credit firm regime. Under the Bill the focus has shifted significantly to regulation of the servicers of the credit rather than the holders of the credit. The Bill also introduces amendments that will impact upon the existing retail credit regime.
This briefing sets out the key points of the Bill.Download PDF