(1) A credit servicing firm shall not, on its own behalf or on behalf of, or on the instructions of, a person who holds the legal title to the rights of the creditor under a credit agreement or the legal title to the rights of the owner under a consumer-hire agreement or a hire-purchase agreement, take or fail to take an action, if the taking of or the failure to take the action would otherwise be a prescribed contravention if a retail credit firm took or failed to take that action.

(2) A person who holds the legal title to the rights of the creditor under a credit agreement or the legal title to the rights of the owner under a consumer-hire agreement or a hire-purchase agreement shall not instruct a credit servicing firm to take or fail to take an action, if the taking of or the failure to take the action would otherwise be a prescribed contravention if a retail credit firm took or failed to take that action.

(3) A person who contravenes subsection (2) commits an offence and is liable -

(a) on summary conviction, to a class A fine or imprisonment for a term not exceeding 12 months, or both, or

(b) on conviction on indictment, to a fine not exceeding €250,000 or imprisonment for a term not exceeding 5 years, or both.