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The Consumer Credit (Amendment) Act 2022 was signed into law following a review by the Department of Finance of the moneylending sector and the publication of the Moneylending Policy Proposals Report in July 2021.
The Amendment Act aims to strengthen the protections available to and reduce the cost of credit for consumers, in addition to streamlining and modernising the moneylending sector. Section 2 of the Amendment Act amends the interpretation section of the CCA and replaces certain definitions such as "moneylender" for "high-cost credit provider". The purpose of these amendments is to increase transparency and awareness for consumers.
The Amendment Act also introduces several other safeguards for consumers, such as empowering the Minister for Finance to set interest rate caps for high-cost credit that may be charged by a high-cost credit provider for both cash loans and running accounts.
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