{"id":599275,"date":"2019-06-24T04:00:35","date_gmt":"2019-06-24T04:00:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/egypts-house-econ-committee-to-hold-consultations-on-consumer-credit-act-with-industry-stakeholders\/"},"modified":"2019-06-24T04:00:35","modified_gmt":"2019-06-24T04:00:35","slug":"egypts-house-econ-committee-to-hold-consultations-on-consumer-credit-act-with-industry-stakeholders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/24\/egypts-house-econ-committee-to-hold-consultations-on-consumer-credit-act-with-industry-stakeholders\/","title":{"rendered":"Egypt\u2019s House Econ Committee to hold consultations on Consumer Credit Act with industry stakeholders"},"content":{"rendered":"

LEGISLATION WATCH- House to hold consultations on Consumer Credit Act with industry stakeholders:<\/b> The House Economic Committee will begin holding hearings within the next few days on the government\u2019s proposed Consumer Credit Act, inviting members of the Federation of Egyptian Industries, Federation of Egyptian Chambers of Commerce, and the Egyptian Union for Investors Associations to participate, committee member Medhat El Sherif tells Al Mal<\/a>. Talks with the Financial Regulatory Authority (FRA) over the specifics of the bill are currently ongoing, El Sherif said.<\/p>\n

What would the act do? <\/b>The Madbouly government is positioning it as a move to regulate the nation\u2019s fast-growing consumer credit industry, improve transparency, and protect customers. If passed, the bill would require consumer finance companies to obtain licenses from the FRA to sell goods on installment, among other stipulations. Retailers who make more than 25% of the annual sales on installment would also have to register. The House Economic Committee had signed off on the draft bill<\/a> earlier this week.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- House to hold consultations on Consumer Credit Act with industry stakeholders: The House Economic Committee will begin holding hearings within the next few days on the government\u2019s proposed Consumer Credit Act, inviting members of the Federation of Egyptian Industries, Federation of Egyptian Chambers of Commerce, and the Egyptian Union for Investors Associations to […]<\/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":[11291,4487,72,76,274,180,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-599275","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-consumer-credit","tag-consumer-credit-act","tag-enterpriseam","tag-financial-regulatory-authority","tag-house-of-representatives","tag-legislation","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b6adefdc-f1c8-43ff-9560-db6ce78464e6","is_powered_by":true,"section_story_id":"662f6e94-20ce-4582-82be-0b1d9e6a0728","story_type":"1","photo_url":"","photo_position":"above","related_issue":[599260],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s House Econ Committee to hold consultations on Consumer Credit Act with industry stakeholders - 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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":599523,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/fra-completes-first-draft-of-consumer-credit-act\/","url_meta":{"origin":599275,"position":1},"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":599226,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/23\/house-agrees-to-govt-proposed-bills-to-support-civil-servants\/","url_meta":{"origin":599275,"position":2},"title":"House agrees to gov\u2019t-proposed bills to support civil servants","author":"enterpriseam admin","date":"23 June 2019","format":false,"excerpt":"LEGISLATION WATCH- House committee okays draft Consumer Credit Act: The House Economic Committee has signed off on a draft of the government\u2019s proposed Consumer Credit Act, which would regulate the nation\u2019s fast-growing consumer credit industry, Al Shorouk reports. The government says the bill would improve transparency in the sector and\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":570246,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/24\/el-sisi-ratifies-consumer-credit-act\/","url_meta":{"origin":599275,"position":3},"title":"El Sisi ratifies Consumer Credit Act","author":"enterpriseam admin","date":"24 March 2020","format":false,"excerpt":"El Sisi ratifies Consumer Credit Act: President Abdel Fattah El Sisi has ratified the Consumer Credit Act, the local press reports, carrying a copy of the bill. 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":568976,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/10\/egypts-new-consumer-credit-act-to-receive-final-vote-soon\/","url_meta":{"origin":599275,"position":4},"title":"Egypt\u2019s new Consumer Credit Act to receive final vote soon","author":"enterpriseam admin","date":"10 February 2020","format":false,"excerpt":"LEGISLATION WATCH- Consumer Credit Act cleared for final vote; House working through a busy legislative agenda: The House of Representatives cleared the way for a final vote on the proposed Consumer Credit Act after the bill won in-principle approval at a plenary session yesterday, reports Al Shorouk. 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