Consumer Credit Act 1995

Moneylender's licence.

93

93. F75 [ (1) The Bank may grant to an applicant a moneylender s licence authorising the applicant to engage in the business of money-lending in a specified district court district on such terms and conditions as it thinks fit, but only after considering all objections made in respect of the application under subsection (2) . ]

(2) A person who intends to apply F76 [ ] for a moneylender’s licence shall before making such application cause to be published, in any national or local newspaper published in the State and circulating in the district court district that the applicant intends to engage or engages in the business of moneylending, notice of his intention.

F75 [ (3) An application for a moneylender s licence must

( a ) be in writing and in such form as the Bank may determine, and

( b ) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942 , for the purposes of this section.

(4) The fee referred to in subsection (3)(b) may be fixed by reference to a district court district and lower fees may be fixed for additional district court districts.

(5) The application must contain the following information:

( a ) the true name and the business name (if any) of the applicant;

( b ) the name under which the applicant intends to engage in or engages in the business of moneylending;

( c ) the address of any premises at which the applicant is carrying on or proposes to carry on the business of moneylending;

( d ) an itemised statement of the proposed total cost of credit;

( e ) details of collection and all other charges not included in the cost of credit;

( f ) details of the applicant's terms and conditions for providing credit;

( g ) the name of every district court district in which the applicant carries on or proposes to carry on the business of moneylending;

( h ) a copy of any advertisement placed by the applicant as required under subsection (2) ;

( i ) such other information as the Bank may reasonably require. ]

(6) A person shall not wilfully give any information which is false or misleading in respect of an application for a moneylender's licence.

(7) A moneylender's licence shall be valid for the period of 12 months commencing on the date specified therein and shall expire at the end of that period.

(8) A moneylender's licence shall state—

( a) the true name and business name (if any) of the holder,

( b) the name under which the holder is authorised by the licence to engage in the business of moneylending,

( c) the address of the business premises of the holder, and

( d) the district court district or districts in which the holder is authorised to engage in the business of moneylending in respect of which the licence is granted,

( e) an itemised statement of the APR to be charged in relation to moneylending agreements by the holder,

( f) details of collection and other charges not included therein,

( g) statement of the licence holder's terms and conditions, and

( h) any restrictions to the licence.

(9) The holder of a moneylender's licence shall only engage in the business of moneylending in the name specified in the holder's licence.

(10) F75 [ The Bank may refuse to grant a moneylender's licence on one or more of the following grounds ]:

( a) the applicant or any business with which he was connected was, during the previous 5 years, convicted of an offence for contravening section 98 ,

( b) the Circuit Court has, during the previous 2 years, decided pursuant to section 47 in relation to an agreement between the applicant and a consumer that the total cost of credit was excessive,

( c) the applicant is the holder of—

(i) a bookmaker's licence issued under the Betting Act, 1931,

(ii) a licence for the sale of intoxicating liquor granted under the Licensing Acts, 1833 to 1994,

(iii) a gaming licence issued under the Gaming and Lotteries Act, 1956, or

(iv) a pawnbroker's licence granted under the Pawnbrokers Act, 1964, as amended by this Act,

F77 [ ( d ) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate in relation to the licence has been issued in accordance with the provisions of F78 [ section 1094 of the Taxes Consolidation Act, 1997 ] , ]

( e) the applicant or any person responsible or proposed to be responsible for the management of his business in relation to moneylending is by order of a court disqualified from holding a licence,

( f) the applicant is not or is no longer, in the opinion of the F75 [ Bank ], a fit and proper person to carry on the business of moneylending,

( g) in the F75 [ Bank ]'s opinion, the cost of credit to be charged is excessive or any of the terms or conditions attaching thereto are unfair, or

( h) in the case of an application for a second or subsequent moneylender's licence, the applicant did not engage in the business of moneylending according to the terms or conditions of the previous licence.

F79 [ (10A) ( a ) Where in relation to a moneylender s licence

(i) an application in accordance with F78 [ section 1094 of the Taxes Consolidation Act, 1997 ] , for a tax clearance certificate has been made

(I) not less than four months prior to the commencement date of such licence, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said F78 [ section 1094 ] ,

and in either case, the licence could, but for the provisions relating to a tax clearance certificate, have been issued, then

(I) in a case where a licence has been granted in respect of the previous licensing period, such licence may continue in force beyond its latest expiry date pending

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where a licence has not been granted in respect of the previous licensing period, a licence may be issued temporarily and remain in force pending

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the licence is duly deposited with the Director.

( b ) Every licence issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be a licence within the meaning of this section.

( c ) Where

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a) , or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to a licence is an acceptable application,

and where the tax clearance certificate has been issued; the licence continued in force or issued temporarily under this subsection shall expire upon the grant of a licence under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the licence.

( d ) Where

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a) , or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to a licence is a valid refusal,

the licence continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the licence was temporarily in force shall be repaid, ]

(11) The F75 [ Bank ] may—

( a) suspend or revoke a moneylender’s licence, or

( b) vary the terms or conditions of a moneylender’s licence,

if F76 [ ] satisfied that, since becoming the holder of a moneylender’s licence, a moneylender or any business with which he is connected has been convicted of an offence for contravening section 98 or a moneylender has become the holder of a licence referred to in subsection (10) (c) or has failed to comply with any of the terms or conditions of the licence.

(12) Whenever the F75 [ Bank ] proposes to refuse to grant, suspend, revoke or vary the terms or conditions of a moneylender's licence F75 [ it ] shall notify the applicant or the holder of the licence, as the case may be, of F75 [ its ] proposal and shall, if any representations are made to him in writing by such applicant or holder within 14 days of the notification, consider the representations.

F80 [ (13) If, having considered any representations that may have been made under subsection (12) , the Bank decides to refuse to grant a licence, it shall, by notice in writing, inform the applicant of the decision. The notice must specify the grounds for the decision.

(14) If, having considered any representations that may have been made under subsection (12) , the Bank decides to suspend or revoke a moneylender s licence, or to vary any term or condition of such a licence, it shall notify the decision to the holder of the licence, together with the grounds for the decision.

(15) The Bank shall deliver a notice referred to in subsection (13) or (14) personally or send it by prepaid registered post to the business address of the applicant for an authorisation or the holder of the authorisation concerned, as the case requires.

(16) The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942 :

( a ) a decision to refuse to grant a moneylender s licence;

( b ) a decision suspending or revoking such a licence;

( c ) a decision varying any term or condition of such a licence.

(17) If a notice under this section relates to a decision of the Bank

( a ) suspending or revoking a moneylender s licence, or

( b ) varying the terms or conditions of such a licence,

the decision takes effect at the end of the period allowed for appealing against the decision under Part VIIA of the Central Bank Act 1942 unless an appeal against the decision is lodged under that Part within that period. ]

(18) A decision of the Circuit Court on an appeal under subsection (13) shall be final save that, by leave of the Court, an appeal from the decision shall lie to the High Court on a specified question of law.

(19) F81 [ ]

Annotations:

Amendments:

F75

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 21(a), (c), (d)-(f), (h), (i), S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).

F76

Deleted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 21(b), (g), S.I. No. 160 of 2003.

F77

Substituted (1.01.1998) by Finance Act 1997 (22/1997), s. 160(2)(a)(i), commenced as per subs. (3)(a).

F78

Substituted (6.04.1997) by Taxes Consolidation Act 1997 (39/1997), s. 1100 and sch. 31, commenced as per s. 1097.

F79

Inserted (1.01.1998) by Finance Act 1997 (22/1997), s. 160(2)(a)(ii), commenced as per subs. (3)(a).

F80

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 1, S.I. No. 455 of 2004.

F81

Deleted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 1, S.I. No. 455 of 2004.

F82

Substituted by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 1; not commenced as of date of revision.

Modifications (not altering text):

C16

Prospective affecting provision: subs. (18) substituted by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 1; not commenced as of date of revision.

F82 [ (18) If an appeal is lodged under Part VIIA of the Central Bank Act 1942 by a holder of a moneylender's licence against a decision of the Bank

( a ) suspending or revoking such a licence, or

( b ) varying the terms or conditions of such a licence,

the decision does not take effect unless it is confirmed by the Irish Financial Services Appeals Tribunal or the appeal is withdrawn. ]

Editorial Notes:

E44

Previous affecting provision: applications for licence under subs. (3) exempted from fee (16.07.2004) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004), reg. 4(a)(ii); revoked (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011), reg. 11.

E45

Previous affecting provision: subss. (13), (17) and (19) amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 21(f), S.I. No. 160 of 2003; subsections substituted and deleted as per F-note above.