25/03/2025
Changes to the law came into force on 1 January 2025 that extended the transitional conditions for debt collection companies to bring their activities into line with the requirements of the Debt Collection and Debt Purchase Act.
This was done to give debt collection companies a further six months to get a debt collection licence under the act. Debt collection companies will have to apply to Finantsinspektsioon for a licence and bring their activities and documentation into accordance with the terms of the Debt Collection and Debt Purchase Act by 30 June 2025 at the latest, or cease their activities by that date.
Any debt collection company that fails to get a licence by the deadline will no longer be allowed to manage consumer credit contracts. Only licensed debt collectors may provide credit management services.
More information on applying for a debt collection licence can be found HERE, and the list of licence terms can be found on the Finantsinspektsioon register of market participants.