The Act amended the Act 99 of Jul. 17, 1992 (Debt Arrangements Act) and the Act 98 of Jun. 23, 2020 (Consumer Complaints Act); changes on debt negotiation issues.
Submission of the application for debt negotiation; debtor must make a written declaration so that bailiff authorities can obtain data without confidentiality obstacles.
Opening of debt negotiations must be published; claims lapse if not declared on time.
Claims secured by a mortgage on a home, retained under the debt arrangement do not lapse as long as they are secured within the home's sales value with additional 10%.
Default of one of debtors has no effect for the other debtors; debt arrangement must consider the debtor's social conditions; change of arrangement requested by creditor.
Deadlines for confirmation of a change or a cancellation about the debt settlement.
NOR CPA must reject a complaint from mediation if the relevant fee has not been paid.
Effectiveness
Provisions will apply from a date to be appointed; Ministry can issue transitional rules.
Debt settlement changes apply to debt negotiations opened after the Act has entered into force; repeal of s 6-2, para 4, applies to older cases, if they have not expired.
Oct. 2024 Entry into Force
On Oct. 11, 2024, NOR GVT issued FOR-2024-10-11-2455 on shared entry into force of Act 56 on changes to Debt Arrangements Act etc. (on simplifying debt arrangement).
Act enters into force on Jan. 1, 2025, save for S2-1 first paragraph, second sentence.
Regulators
NOR GVT
Entity Types
Bank; CNSM
Reference
OG 2024-1097, FOR-2024-10-11-2455, 10/11/2024; ACT-2024-06-25-56, OG 2024-0623, 6/25/2024; ACT-2020-06-23-98; ACT-1992-07-17-99; Citation: ACT-2024-06-25-56; FOR-2024-10-11-2455;
