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Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Act 2018 widens the scope of Ireland's Credit Servicing Regime

18 November 2019

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.