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Sunday, 23 June 2019

House agrees to gov’t-proposed bills to support civil servants

LEGISLATION WATCH- House committee okays draft Consumer Credit Act: The House Economic Committee has signed off on a draft of the government’s proposed Consumer Credit Act, which would regulate the nation’s fast-growing consumer credit industry, Al Shorouk reports. The government says the bill would improve transparency in the sector and protect consumers.

Who would be subject to the act? Approved by cabinet in February, the bill bill would require companies to obtain licenses from the Financial Regulatory Authority to sell goods on installment. All consumer finance players will be subject to the legislation if it passes, but retailers and manufacturers would only fall under the act if more than 25% of their annual sales are made on installment plans. The proposed law defines consumer finance as “any activity or operation aiming to fund purchases of consumer and durable goods and transportation vehicles.”

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