The Cabinet has approved a draft royal decree under the Financial Institution Business Act (the “FIBA”) to regulate the business of Hire Purchase and Leasing of Cars and Motorcycles operated by non-banks. No license will be required to operate the businesses, but this regulation would still affect the existing and new business operators in various aspects. Read more…
New consumer protection regulations for the hire purchase of cars and motorcycles to replace the previous regulations issued in 2018 have been issued. The new regulations will take effect on 10 January 2023 and will apply to contracts made from 10 January 2023 onwards. The new regulations apply to the hire purchase of a car or motorcycle for an individual and for personal use only, and not for transportation for commercial or business purposes. Our…
The Bank of Thailand and the Fiscal Policy Office have co-drafted the draft Royal Decree Designating Certain Types of Financial Business Operations that are subject to the Financial Institution Business Act, B.E. 2551 (“Draft Royal Decree”) to regulate the car and motorcycle hire-purchase and leasing businesses. The Draft Royal Decree is now open for public hearing. In this newsletter, we summarize key elements of the Draft Royal Decree including those who will be regulated and…