FRA completes first draft of Consumer Credit Act

LEGISLATION WATCH- FRA completes first draft of Consumer Credit Act: The Financial Regulation Authority finished writing the first draft of its proposed Consumer Credit Act, FRA Deputy Chairman Khaled El Nashar told Al Mal. The proposed law differentiates between retailers offering sales on installment and consumer finance houses: All consumer finance companies will be subject to the act, while retailers will fall under it only when on-installment sales break the EGP 25 mn mark. The legislation, drafted after industry consultations, will now be subject to internal scrutiny at the FRA before it is passed to the Council of Ministers for review.