Section 28 of the Central Bank Act 1997 is amended -

(a) in subsection (1) -

(i) by substituting the following definition for the definition of "credit servicing":

"‘credit servicing’, in relation to a credit agreement, means, subject to subsection (2) -

(a) holding the legal title to credit granted under the credit agreement,

(b) managing or administering the credit agreement, including -

(i) notifying the relevant borrower of changes in interest rates or in payments due under the credit agreement or other matters of which the credit agreement requires the relevant borrower to be notified,

(ii) taking any necessary steps for the purposes of collecting or recovering payments due under the credit agreement from the relevant borrower,

(iii) managing or administering any of the following:

(I) repayments under the credit agreement;

(II) any charges imposed on the relevant borrower under the credit agreement;

(III) any errors made in relation to the credit agreement;

(IV) any complaints made by the relevant borrower;

(V) information or records relating to the relevant borrower in respect of the credit agreement;