LEGISLATION WATCH- Consumer Credit Act heading to House “in days”: The proposed Consumer Credit Act, which will govern retail financing and consumer credit, is set to be introduced to the House of Representatives in the coming days, General Authority for Freezones and Investment (GAFI) head Mohsen Adel said, according to Al Mal. Adel’s statement implies that the bill had already been reviewed by the Council of State, and is now making its way to the House for a final vote to be signed into law by President Abdel Fattah El Sisi. Cabinet approved the draft act last February, and it is expected to clear the House before the end of the current legislative season in the summer, FRA head Mohamed Omran previously said. Among the stipulations in the 30-article bill are setting up a federation for non-banking consumer finance and requiring companies to obtain a license from the Financial Regulatory Authority to sell goods on installments.

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