Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I move amendment No. 7:

In page 6, lines 10 to 16, to delete all words from and including “firm” in line 10 down to and including line 16 and substitute the following:

“firm, in so far as that business relates to credit servicing within the meaning of paragraph (a), (b)(iii)(IX) or (b)(iii)(X), as the case may be, of the definition of ‘credit servicing’ in section 28(1) (in this subsection referred to as ‘the specified matters’), immediately before the coming into operation of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2018, is taken to be authorised to carry on the business of a credit servicing firm, in so far as that business relates to the specified matters, after such coming into operation until the Bank has granted or refused authorisation to the person, provided that—

(a) the person applies to the Bank under section 30 for authorisation no later than 3 months after that coming into operation, and

(b) a credit servicing firm undertakes, on behalf of that person, credit servicing within the meaning of subparagraphs (i), (ii) and (iii)(I) to (VIII) of paragraph (b) and paragraph (c) of the definition of ‘credit servicing’ in section 28(1).”.

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