Consumer finance companies get six-month extension to comply with Consumer Credit Act

REGULATION WATCH- Consumer finance companies will get an additional six months to complete their licensing and bring their operations in line with the new Consumer Credit Act, the FRA decided, according to the local press. Companies must submit a timeline outlining their plans by 31 October, and will have until 18 March to complete their paperwork. The legislation, which was passed by the House of Representatives in February, introduced a regulatory framework for the sector governing the establishment of new consumer finance companies and operations.