116.—(1) F176[Subject to section 116A (inserted by the European Union (Consumer Mortgage Credit Agreements) Regulations 2016) a person shall not engage] in the business of being a mortgage intermediary unless—

(a) he is the holder of an authorisation ("a mortgage intermediaries authorisation") granted for that purpose by the F177[Bank], and

(b) he holds an appointment in writing from each undertaking for which he is an intermediary.

(2) A holder of an authorisation shall only engage in the business of being a mortgage intermediary in the name specified in the holder’s authorisation.

(3) An application for an authorisation shall be in writing and in such form as the F177[Bank] may determine and shall contain—

(a) the true name of the applicant,

(b) the name under which the applicant trades,

(c) the name of any undertaking for which the applicant acts or intends to act as a mortgage intermediary,

(d) the address of any business premises of the applicant to which the application relates, and

(e) such other information that the F177[Bank] may require.

F177[(4) An application for an authorisation must be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this section.]

(5) F178[…]

(6) A person shall not wilfully give any information which is false or misleading in respect of an application for an authorisation.

F179[(7) Except as provided by subsection (7A), an authorisation remains in force for 12 months from the date specified in the authorisation.

(7A) In the case of a particular applicant, or an applicant of a particular class designated by the Bank for the purposes of this subsection, the Bank may, if it so chooses, grant an authorisation for a period longer than 12 months, subject to such conditions or requirements as the Bank specifies. If the Bank grants an authorisation for a period longer than 12 months, the authorisation remains in force for that period from the date specified in the authorisation.]

(8) An authorisation shall state—

(a) the true name of the holder,

(b) the name under which the holder is authorised to engage in the business of being a mortgage intermediary,

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

(d) the name of any undertaking for which the holder acts as a mortgage intermediary.

F179[(9) The Bank may refuse to grant an authorisation on any of the following grounds:

(a) the applicant does not satisfy the condition specified in subsection (1)(b);

(b) the applicant, or any business with which the applicant is or has been associated, has, during the previous 5 years, been convicted of an offence that, if committed by a natural person, would be punishable by imprisonment;

(c) the applicant is the holder of—

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

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

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

(iv) a pawnbroker’s licence granted under the Pawnbrokers Act 1964, or

(v) a F180[high cost credit provider’s licence];

(d) the applicant has failed to provide a current Revenue tax clearance certificate in respect of himself or his business;

(e) the applicant is not, in the opinion of the Bank, a fit and proper person to carry on business as a mortgage intermediary.]

F181[(9A) (a) Where in relation to an authorisation—

(i) an application in accordance with F182[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 authorisation, 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 F182[section 1094],

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

(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation 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 an authorisation has not been granted in respect of the previous authorisation period, an authorisation 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 authorisation is duly deposited with the F177[Bank].

(b) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation 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 an authorisation is an acceptable application,

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

(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 an authorisation is a valid refusal,

the authorisation 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 authorisation was temporarily in force shall be repaid.]

F177[(10) The Minister for Finance may, after consulting the Bank, make regulations prohibiting the holder of an authorisation from acting as or claiming to be a mortgage intermediary, unless there is in force in respect of that holder a policy of professional indemnity insurance that complies with such requirements as are specified in those regulations.]

F179[(11) The Bank may suspend or revoke an authorisation on any of the following grounds:

(a) the holder no longer satisfies the condition specified in subsection (1)(b);

(b) the holder, or any business entity with which the holder is associated, is convicted of an offence that, if committed by a natural person, would be punishable by imprisonment;

(c) the holder has become the holder of—

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

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

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

(iv) a pawnbroker’s licence granted under the Pawnbrokers Act 1964, or

(v) a F180[high cost credit provider’s licence];

(d) the holder is failing, or has failed, to provide a current Revenue tax clearance certificate in respect of the holder or the holder's business;

(e) the holder is failing, or has failed to comply, with a condition or requirement imposed on the holder under subsection (7);

(f) the applicant is contravening or has contravened a regulation in force under subsection (10);

(g) the holder is no longer, in the opinion of the Bank, a fit and proper person to carry on the business of a mortgage intermediary;

(h) the Bank would, if the holder were an applicant for an authorisation, be entitled to refuse to grant an authorisation to the applicant on a ground specified in subsection (9).]

(12) Whenever the F177[Bank] proposes to refuse to grant, suspend or revoke an authorisation F177[it] shall notify the applicant or the holder of the authorisation, as the case may be, of F177[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.

F183[(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 an authorisation, or to vary any term or condition of an authorisation, it shall notify the decision to the holder of the authorisation, 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 an authorisation;

(b) a decision suspending or revoking an authorisation;

(c) a decision varying any term or condition of an authorisation.

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

(a) suspending or revoking an authorisation, or

(b) varying the terms or conditions of an authorisation,

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 that Court, an appeal from the decision shall lie to the High Court on a specified question of law.

F183[(19) In this section, "authorisation" means a mortgage intermediaries authorisation.]

(20) F184[…]