Consumer Protection (Regulation of Credit Servicing Firms) Act 2015
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Obligation on credit servicing firm and holder of legal title to credit | ||
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5. The Central Bank Act 1997 is amended by inserting the following section after section 34F (inserted by section 4 ): | ||
“34G. (1) A credit servicing firm shall not, on its own behalf or on behalf of, or on the instructions of, a person who holds the legal title to credit granted under a credit agreement, take or fail to take an action, if the taking of or the failure to take the action would otherwise be a prescribed contravention if a retail credit firm took or failed to take that action. | ||
(2) A person who holds the legal title to credit granted under a credit agreement shall not instruct a credit servicing firm to take or fail to take an action, if the taking of or the failure to take the action would otherwise be a prescribed contravention if a retail credit firm took or failed to take that action. | ||
(3) A person who contravenes subsection (2) commits an offence and is liable— | ||
(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or | ||
(b) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 5 years, or both.”. |