Moneylending: Amending Act will restrict interest and term of loan agreements and modernise the sector

The recently enacted Consumer Credit (Amendment) Act 2022 (the “Act” – here) will set a ceiling on interest rates charged by “high cost credit providers” (ie moneylenders), limit the maximum term of a loan agreement and modernise the industry more generally.  The Act was signed into law on 29 June 2022 but awaits a commencement order from the Minister for Finance. This briefing outlines the main proposed changes that should be of interest to the moneylending sector.