Brendan Burgess
Founder
- Messages
- 53,487
The government has published the legislation this morning
Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 as initiated (in PDF format)
Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 Explanatory Memorandum (in PDF format)
http://www.oireachtas.ie/viewdoc.asp?fn=/documents/bills28/bills/2015/115/b115d-memo.pdf
The activities of credit servicing have been defined to ensure that the entity managing the relevant borrowers’ credit agreements will be have to be regulated.Owners who do not out source credit servicing to anyone The activities will be required to be regulated so that a regulated entity will be responsible for all credit agreements.The effect of the amendments to Section2 8 of the Central Bank Act1997 is to regulate the activity of‘credit servicing’ and the ‘credit servicing firms’ engaged in such activity so that the borrowers retain the protections that they have before a loan book is sold.
I have no idea why they changed from the approach set out in the consultation paper. This appears to work, but it's a very convoluted way of doing it. When legislation is convoluted, then there is a danger that it will be found to be faulty.
Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 as initiated (in PDF format)
Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 Explanatory Memorandum (in PDF format)
http://www.oireachtas.ie/viewdoc.asp?fn=/documents/bills28/bills/2015/115/b115d-memo.pdf
The activities of credit servicing have been defined to ensure that the entity managing the relevant borrowers’ credit agreements will be have to be regulated.Owners who do not out source credit servicing to anyone The activities will be required to be regulated so that a regulated entity will be responsible for all credit agreements.The effect of the amendments to Section2 8 of the Central Bank Act1997 is to regulate the activity of‘credit servicing’ and the ‘credit servicing firms’ engaged in such activity so that the borrowers retain the protections that they have before a loan book is sold.
I have no idea why they changed from the approach set out in the consultation paper. This appears to work, but it's a very convoluted way of doing it. When legislation is convoluted, then there is a danger that it will be found to be faulty.
Last edited: