Central Bank Act 1997

F100[Obligation on credit servicing firm and holder of legal title to credit

34G

34G. (1) A credit servicing firm shall not, on its own behalf or on behalf of, or on the instructions of, a person F101[who holds the legal title to the rights of the creditor under a credit agreement or the legal title to the rights of the owner under a consumer-hire agreement or a hire-purchase 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 F101[who holds the legal title to the rights of the creditor under a credit agreement or the legal title to the rights of the owner under a consumer-hire agreement or a hire-purchase 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.]

Annotations:

Amendments:

F100

Inserted (8.07.2015) by Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), s. 5, commenced on enactment. A class A fine means a fine not exceeding €5,000 as provided (4.01.2011) by Fines Act 2010 (8/2010), ss. 3, 4(1), S.I. No. 662 of 2010.

F101

Substituted (16.05.2022) by Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (5/2022), s. 8(a), (b), S.I. No. 229 of 2022.

Editorial Notes:

E40

The section heading is taken from the amending section in the absence of one included in the amendment.