Cap. 645 Art. 3Applicability.

(1) The provisions of this Act and of any regulations made thereunder, or Credit Servicing Rules or Conduct of Business Rules issued thereunder shall apply to the following:

(a) credit servicers acting on behalf of a credit purchaser in respect of a creditor’s rights under a non-performing credit agreement, or of the non-performing credit agreement itself, issued by a credit institution; and

(b) credit purchasers of a creditor’s rights under a non-performing credit agreement, or of the non-performing credit agreement itself, issued by a credit institution.

(2) The provisions of this Act and of any regulations made thereunder, Credit Servicing Rules or Conduct of Business Rules issued thereunder shall be without prejudice to any other law relating to:

(a) the transfer of a creditor’s rights under a credit agreement, or of the credit agreement itself;

(b) the protection of consumers and borrowers’ rights, including the provisions of Regulations (EC) No. 593/ 2008 and (EU) No. 1215/2012, and Directives 93/13/EEC, 2008/48/EC, 2014/17/EU as transposed in national law;

(c) any restrictions regarding the transfer of a creditor’s rights under a non-performing credit agreement, or of the non-performing credit agreement itself that is not past due, or is less than ninety (90) days past due, or is not terminated in accordance with the applicable legislation; and

(d) any requirements regarding the servicing of a creditor’s rights under a credit agreement, or of the credit agreement itself, when the credit purchaser is a securitisation special purpose entity as defined in point (2) of Article 2 of Regulation (EU) 2017/2402, provided that law:

(i) does not affect the level of consumer protection provided by the NPL Directive as transposed into national law; and

(ii) ensures that the competent authority receives the necessary information from credit servicers.