Credit Reporting Act 2013 – Extended to include Hire Purchase and Similar Arrangements

Executive Summary
With effect from 29 October 2018, the Credit Reporting Act 2013 (the “CRA 2013”) has been amended with the result that the forms of reportable credit under the CRA 2013 has been broadened to include; hire purchase agreements, personal contract plans (PCP) or any other type of credit/leasing agreement where the lender is also the owner of the financed good or service.

On 29 October 2018, the Markets in Financial Instruments Act 2018 (the “2018 Act”) was signed into law. While the 2018 Act was enacted for the principal purpose of introducing criminal sanctions for breaches of the Irish MiFID II Regulations, the 2018 Act also amends certain provisions of the CRA 2013.

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