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ARTICLE · 17 JULY 2015

Credit Servicing Is Now A Regulated Business

Arthur Cox
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The aim of the Act is to continue to afford consumers, whose loans are sold by regulated entities to unregulated entities, the protections to which they would have been entitled had their loans not been sold.

IrelandFinance and Banking
Robert Cain
Robert Cain
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Servicers of retail credit (and certain types of SME credit) in Ireland now trigger an authorisation requirement with effect from 8 July 2015, the date on which the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the Act) was signed into law.

1. BACKGROUND

The signing of the Act into law follows a public consultation, by the Department of Finance, on the regulation of loan portfolio buyers in July 2014 (see our July 2014 Briefing here) and the publication of the Consumer Protection (Regulation of Credit Servicing Firms) Bill (the Bill) in January 2015 (see our January 2015 Briefing here). A link to the new Act is here.

The aim of the Act is to continue to afford consumers, whose loans are sold by regulated entities to unregulated entities, the protections to which they would have been entitled had their loans not been sold.

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