The new Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022, which:
- requires any person carrying on a business of offering hire purchase products (including personal contract plans) or consumer-hire products to consumers, and any other person providing credit directly or indirectly to consumers, to be authorised by the Central Bank as a retail credit firm (if not already subject to Central Bank authorisation); and
- requires any person who services such products to be authorised by the Central Bank as a credit servicing firm,
has been commenced with effect from today, 16 May 2022.
