The
Consumer Protection (Regulation of Retail Credit and Credit
Servicing Firms) Act 2022 (the
"Act") was signed into law by the
President in April 2022 and commenced on 16 May.
The Act, among other things, brings a number of currently
unregulated credit providers into the scope of the Central Bank of
Ireland's ("Central Bank's")
regulatory remit.
Who Does it Apply To?
The Act expands the definition of a "retail credit
firm" requiring a Central Bank authorisation under the Central
Bank Act 1997 (as amended) to also include any person whose
business consists wholly or partly of (a) directly or indirectly
providing credit to or (b) entering into a consumer-hire agreement
or hire-purchase agreement with, a "Relevant Person".
