Surprisingly, the Bundestag votes unanimously for the centralisation of supervision of debt collection
On 9 February 2023, the Bundestag approved the draft law on the centralization of the supervision of legal services in second and third readings – and also unanimously.
Image of the Bundestag’s approval of the centralisation of supervision of debt collection
The law was then passed by the Bundestag. The second round of the Bundesrat is now on hold. Here, too, the consensus is considered secure. The law is then published in the Federal Gazette.
As planned, the supervision of debt collection companies will be transferred to the Federal Office of Justice (BfJ) in Bonn on 1 January 2025.
BDIU President Kirsten Pedd had already explicitly accepted this measure before the decision. ” Strengthening supervision is a very necessary step, but delayed”, he said. ” This creates transparency and legal certainty for all those involved in the collection, including consumers, of course.” The future supervisory authority is also well placed to achieve the objectives of this decision perfectly. ” As a federal authority, the BfJ is well equipped financially, in terms of staff and organisation, so that the supervisory authority can finally be the authority to put an end to dubious actors.”
Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.