No Consent, No Sale Bill 2019

Public bill · Private Member · Introduced

The proposal would stop lenders from selling a residential mortgage to another company unless the borrower agrees in writing first. It would also require lenders to give borrowers clear information before asking for consent, and it would set rules for what happens if the original lender keeps managing the loan or if the new owner takes over decisions on interest rates and arrears. It matters because mortgage sales can affect how borrowers are treated, especially if they fall behind on payments. The measure also gives the Central Bank powers to enforce the rules, with limited exceptions for serious banking crises.

Formal long title

Bill entitled an Act to provide that Lenders may not transfer mortgages on residential property without the consent of the borrower and to provide for related matters.

Last updated 14 November 2024