Ireland:
Regulating Loan Owners: Proposed Amendments To The Credit Servicing Regulatory Regime (Update)
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Following further debate in the Seanad (the upper house of the
Irish parliament) on 18 December 2018, the Consumer Protection (Regulation of Credit
Servicing Firms) Amendment Bill 2018 (the "Bill") was
passed, without further amendment. The Bill will now be sent to the
President to sign into law.
Once the Bill is signed into law by the President, the Minister
for Finance, Paschal Donohoe, will issue a commencement order. We
understand that the Bill will have a commencement date of 21
January 2019.
Please see our previous client briefing (available here) for a detailed analysis of the
amendments to the existing credit servicing regime that will be
introduced by the Bill and the resulting consequences and next
steps for existing owners of in-scope Irish loans with regard to
obtaining an authorisation under the new credit servicing regime.
Future purchasers of in-scope loan books should also be mindful of
their obligations under the new regime.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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