Does my entity need to register if it is only servicing its outstanding loans?
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The Act requires credit providers to be registered. Providing credit generally means providing a loan or having a debt due to you. The requirement covers credit provided under a credit contract, as set out in the Credit Contracts and Consumer Finance Act 2003 (with some additional exclusions set out in the Financial Service Providers Act). This covers lending to businesses as well as to retail customers.
Your entity provides credit (and needs to be registered) until the credit is completely repaid (or forgiven). Providing credit includes having a loan due to you that was originally made by another provider. For example, you will usually need to register if you have bought or been assigned a loan.
Credit providers providing credit to retail customers will also need to belong to a dispute resolution scheme.
