Consumer Protection (Regulation of Credit Servicing Firms) Act 2015
|
Transitional provision for existing retail credit firms and credit servicing firms | ||
|
4. The Central Bank Act 1997 is amended by inserting the following sections after section 34D: | ||
“Transitional provision for existing retail credit firms | ||
34E. (1) Notwithstanding section 29, a person carrying on the business of a retail credit firm who did not require authorisation immediately before the coming into operation of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 is taken to be authorised to carry on the business of a retail credit firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank under section 30 for authorisation no later than 3 months after that coming into operation. | ||
(2) If a person is taken to be authorised to carry on the business of a retail credit 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 retail credit firms; | ||
(b) direct that person not to carry on the business of a retail credit 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. | ||
Transitional provision for existing credit servicing firms | ||
34F. (1) Notwithstanding section 29, a person (other than a regulated financial service provider taken to be authorised to carry on the business of a credit servicing firm by virtue of section 28(3)) carrying on the business of a credit servicing firm immediately before the coming into operation of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 is taken to be authorised to carry on the business of a credit servicing firm until the Bank has granted or refused authorisation to the person, provided that the person applies to the Bank under section 30 for authorisation no later than 3 months after that coming into operation. | ||
(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.”. |