Question 1

What does the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021 do?

Accepted Answer

Extends Central Bank authorization requirements to firms providing hire-purchase, consumer-hire, and indirect credit, plus firms servicing these agreements. Caps interest rates on credit and hire-purchase agreements at 23 percent; courts may enforce non-compliant agreements only in limited circumstances. Requires annual percentage rate disclosure in hire-purchase agreements; enables Central Bank to collect and publish credit agreement statistics.

Question 2

What stage is the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021 at?

Accepted Answer

As of 11 Sep 2024, the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021 is at Enacted. Once a bill passes every stage in both Houses of the Oireachtas and is signed by the President, it becomes law.

Question 3

Who introduced the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021?

Accepted Answer

The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021 was sponsored by Minister for Finance, and was introduced on 23 Jun 2021.

Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021

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