Consumer Credit Act-2016

The Consumer Credit Act of 2016 regulates the granting of consumer credit and protects borrowers from unfair practices. It requires credit providers to be licensed, ensures transparency in agreements, and lays out rules for debt collection and repossession. Its purpose is to prevent reckless lending and over-indebtedness while promoting responsible access to credit. The Act falls under consumer protection and financial services, was enacted in 2016, and is managed by the Ministry of Commerce, Industry and Trade with supervision from the Central Bank.