The Consumer Credit Regulations 2009 comes into force from today.
The Minister for Industry and Trade, Aiyaz Saiyad Khaiyum said that the Department of Fair Trading and Consumer Affairs has given enough time for credit providers and lending institutions to make necessary changes to operating procedures, to train staff and print new forms.
Saiyad Khaiyum said that the Consumer Credit Act 1999 ensures that consumers or debtors are protected and allowed to make informed decision before entering into a credit contract.
He said the 2009 Regulations will assist in the enforcement and implementation of Consumer Credit Act 1999.
He said that Regulation 2009 requires credit providers to issue consumers an information sheet containing information on things consumers should know about the contract they are entering into.
Sayed Khaiyum said that consumers will have accessibility to more information on consumers credit related issues and Department of Fair Trading and Consumers Affairs will continue being the most appropriate avenue assisting in such matters.
Consumer Credit Regulations comes into force from today
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