The objects and reasons of this Bill are to establish a framework for the regulation of credit purchasers, as well as credit servicers acting on behalf of such 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 established in the
European Union, and to transpose, implement and give effect to the relevant provisions of Directive (EU) 2021/2167 of the European Parliament and of the Council of 24 November 2021 on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU; and also to also give effect to the provisions of Directive (EU) 2021/2118 of the European Parliament and of the Council of 24 November 2021 amending Directive 2009/103/EC relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability, by restructuring the Protection and Compensation Fund established under the Insurance Business Act (Cap. 403)