{"id":575592,"date":"2020-10-20T04:20:59","date_gmt":"2020-10-20T04:20:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/"},"modified":"2020-10-20T04:20:59","modified_gmt":"2020-10-20T04:20:59","slug":"consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/","title":{"rendered":"Consumer finance companies get six-month extension to comply with Consumer Credit Act"},"content":{"rendered":"

REGULATION WATCH- Consumer finance companies will get an additional six <\/strong>months to complete their licensing <\/strong>and bring their operations in line with the new Consumer Credit Act<\/a>, the FRA decided, according to the local press<\/a>. 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<\/a> in February, introduced a regulatory framework for the sector governing the establishment of new consumer finance companies and operations.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[4487,514,7106,72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575592","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-consumer-credit-act","tag-consumer-finance","tag-debt","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"808ea65d-3868-4076-95ae-592706e07ab3","is_powered_by":true,"section_story_id":"958aae17-9582-4af8-a183-ae322ccf304b","story_type":"1","photo_url":"","photo_position":"above","related_issue":[575579],"teaser":"","voice_url":""},"yoast_head":"\nConsumer finance companies get six-month extension to comply with Consumer Credit Act - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumer finance companies get six-month extension to comply with Consumer Credit Act\" \/>\n<meta property=\"og:description\" content=\"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 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-20T04:20:59+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Consumer finance companies get six-month extension to comply with Consumer Credit Act\",\"datePublished\":\"2020-10-20T04:20:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/\"},\"wordCount\":95,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Consumer Credit Act\",\"consumer finance\",\"debt\",\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/consumer-finance-companies-get-six-month-extension-to-comply-with-consumer-credit-act\/\",\"name\":\"Consumer finance companies get six-month extension to comply with Consumer Credit Act - 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The legislation, which received House approval late last month, introduces a new regulatory framework for consumer finance companies governing business creation and operations,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570738,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/13\/egypts-consumer-finance-players-now-need-to-ensure-compliance-with-fra\/","url_meta":{"origin":575592,"position":1},"title":"Egypt\u2019s consumer finance players now need to ensure compliance with FRA","author":"enterpriseam admin","date":"13 April 2020","format":false,"excerpt":"REGULATION WATCH- Consumer finance players face new oversight requirements under FRA: The boards of consumer finance companies must now set up committees to monitor performance and ensure regulatory compliance after the new Consumer Credit Act brought the sector under the Financial Regulatory Authority\u2019s (FRA) purview, according to a statement outlining\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570457,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/01\/consumer-finance-companies-are-looking-fra-licensing\/","url_meta":{"origin":575592,"position":2},"title":"Consumer finance companies are looking FRA licensing","author":"enterpriseam admin","date":"1 April 2020","format":false,"excerpt":"valU, Premium Card, Souhoola and Aman are looking for consumer finance licensing: Consumer finance outfits valU (an arm of EFG Hermes), Premium Card, Aman Installment Company (a subsidiary of Raya Holding), and Souhoola (a CI Capital subsidiary) will apply to the Financial Regulatory Authority (FRA) to receive licenses, according to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599523,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/fra-completes-first-draft-of-consumer-credit-act\/","url_meta":{"origin":575592,"position":3},"title":"FRA completes first draft of Consumer Credit Act","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"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\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568639,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/consumer-credit-act-talks-to-be-finalized-in-next-two-weeks-fra-says\/","url_meta":{"origin":575592,"position":4},"title":"Consumer Credit Act talks to be finalized in next two weeks, FRA says","author":"enterpriseam admin","date":"29 January 2020","format":false,"excerpt":"LEGISLATION WATCH- The Consumer Credit Act will be introduced to the House of Representatives within the coming two weeks, Chairman of the Financial Regulatory Authority Mohamed Omran said yesterday, after the House Economic Committee signed off on the legislation. The local press is reporting that the committee introduced a new\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572620,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/01\/seven-would-be-consumer-finance-companies-want-to-enter-the-increasingly-crowded-industry\/","url_meta":{"origin":575592,"position":5},"title":"Seven would-be consumer finance companies want to enter the increasingly crowded industry","author":"enterpriseam admin","date":"1 July 2020","format":false,"excerpt":"Seven consumer finance companies have license applications in with the FRA to formally join an increasingly crowded industry, Al Mal reports, citing unnamed sources with knowledge of the matter. 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