Egypt’s House Econ Committee to hold consultations on Consumer Credit Act with industry stakeholders
LEGISLATION WATCH- House to hold consultations on Consumer Credit Act with industry stakeholders: The House Economic Committee will begin holding hearings within the next few days on the government’s proposed Consumer Credit Act, inviting members of the Federation of Egyptian Industries, Federation of Egyptian Chambers of Commerce, and the Egyptian Union for Investors Associations to participate, committee member Medhat El Sherif tells Al Mal. Talks with the Financial Regulatory Authority (FRA) over the specifics of the bill are currently ongoing, El Sherif said.
What would the act do? The Madbouly government is positioning it as a move to regulate the nation’s fast-growing consumer credit industry, improve transparency, and protect customers. If passed, the bill would require consumer finance companies to obtain licenses from the FRA to sell goods on installment, among other stipulations. Retailers who make more than 25% of the annual sales on installment would also have to register. The House Economic Committee had signed off on the draft bill earlier this week.