Cap. 645 Art. 4Non-applicability.

The provisions of this Act and of any regulations made thereunder, of the Credit Servicing Rules or Conduct of Business Rules issued thereunder shall not apply to the following:

(a) the servicing of a creditor’s rights under a credit agreement, or of the credit agreement itself, carried out by:

(i) a credit institution established in the European Union;

(ii) an alternative investment fund manager

(AIFM) authorised or registered in accordance with Directive 2011/61/EU, or a management company, or an investment company authorised in accordance with Directive 2009/65/EC provided that the investment company has not designated a management company under the latter Directive, on behalf of the fund it manages; or

(iii) a non-credit institution subject to supervision by a competent authority of a Member State in accordance with Article 20 of Directive 2008/48/EC or Article 35 of Directive 2014/17/EU when performing activities in that Member State;

(b) the servicing of a creditor’s rights under a credit agreement, or of the credit agreement itself, that was not issued by a credit institution except where the creditor’s rights under the credit agreement, or the credit agreement itself, is replaced by a credit agreement issued by such credit institution;

(c) the purchase of a creditor’s rights under a non-performing credit agreement, or of the non-performing credit agreement itself, by a credit institution established in the European Union;

(d) the transfer of a creditor’s rights under a credit agreement, or of the credit agreement itself transferred before 30th December 2023; and

(e) the servicing of a creditor’s rights under a credit agreement, or of the credit agreement itself, executed by public notaries or marshals or lawyers as defined in point (a) of Article 1(2) of Directive 98/5/EC when conducting credit servicing activities as part of their profession.