Fianna Fáil has warned that mortgage holders who have had their debts sold on to unregulated lenders, are not protected by a Code of Conduct.
The party's Finance Spokesman Michael McGrath said that the fact that these lenders are "voluntarily" complying to the code does not give mortgage holders enough security.
Deputy McGrath says the Dáil needs to begin working to ensure these mortgage holders are given sufficient protection by the State.
"Vulture funds are currently saying that they are voluntarily complying with the code of conduct on mortgage arrears, but that really isn't satisfactory at all, because nobody can police that," he said.
"If a dispute arises as to whether or not the code is being applied, no authority in Ireland can intervene.
"So I'm calling on the Government now, as a matter of priority early in the New Year, to proceed with the legislation to afford the same level of protection [that others enjoy] to these 10,000-plus mortgage holders."