Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

Abhaile facilitates State-funded access to legal advice and-or consultation with a personal insolvency practitioner for indebted borrowers to ensure that they are fully informed about all available options to address their mortgage debt. The Consumer Protection Act 2015 has been enacted to fill the consumer protection gap where loans were sold by the original lender to an unregulated firm. The Act introduces a regulatory regime for a new type of entity called the credit servicing firm. These firms are now subject to the provisions of Irish financial services law which is applied to regulated finance service providers. Importantly, this remit ensures relevant provided borrowers whose loans are sold to third parties maintain the same regulatory protections as prior to the sale. These protections include protections under the various statutory codes and regulations issued by the Central Bank of Ireland. It should also be emphasised that the sale of a loan from one entity to another does not change the terms of the contract or the borrower's rights and obligations under the original contract.