Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022
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Further transitional provision for existing credit servicing firms | ||
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7. The Act of 1997 is amended by the insertion of the following section after section 34FA: | ||
“Transitional provision for existing credit servicing firms: further supplementary provision | ||
34FB. (1) Notwithstanding section 29, where a person (other than a person taken to be authorised to carry on the business of a credit servicing firm by virtue of section 28(3), (3A), (4) or (5)) carrying on the business of a credit servicing firm, in so far as that business relates to— | ||
(a) specified credit matters, or | ||
(b) specified hire matters, | ||
immediately before the coming into operation of section 2 (a)(iii) of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022, applies to the Bank under section 30 for authorisation no later than 3 months after that coming into operation, that person is taken to be authorised to carry on the business of a credit servicing firm, in so far as that business relates to specified credit matters or specified hire matters, as the case may be, after such coming into operation until the Bank has granted or refused authorisation to the person. | ||
(2) If a person is taken to be authorised to carry on the business of a credit servicing firm under subsection (1), the Bank may do either or both of the following: | ||
(a) impose on that person such conditions or requirements or both as the Bank considers appropriate relating to the proper and orderly regulation and supervision of credit servicing firms; | ||
(b) direct that person not to carry on the business of a credit servicing firm for such period (not exceeding 3 months) as is specified in the direction. | ||
(3) A condition or requirement imposed, or a direction given, under this section is an appealable decision for the purposes of Part VIIA of the Act of 1942. | ||
(4) In this section— | ||
‘specified credit matters’ means credit servicing within the meaning of paragraph (a) of the definition of ‘credit servicing’ in subsection (1) of section 28 relating to classes of credit included within the definition of ‘credit’ in that subsection which were not included in that definition immediately before the coming into operation of section 2 (a)(ii) of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022; | ||
‘specified hire matters’ means credit servicing within the meaning of paragraph (b) of the definition of ‘credit servicing’ in section 28(1).”. |