93.—F131[(1) The Bank may grant to an applicant a high cost credit provider’s licence authorising the applicant to engage in the provision of high cost credit on such terms and conditions as it thinks fit, but only after considering all objections made in respect of the application under subsection (2).]

F131[(2) A person who intends to apply for a high cost credit provider’s licence shall before making such application cause to be published, in a national newspaper published and circulating in the State, a notice of the person’s intention.]

F132[(3) An application for a F134[high cost credit provider’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) F135[…]

(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 F134[the provision of high cost credit];

(c) the address of any premises at which the applicant is carrying on or proposes to carry on F134[the provision of high cost credit];

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

F131[(e) details of charges not included in the cost of credit;]

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

(g) F135[…]

(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 F134[high cost credit provider’s licence].

F131[(7) A high cost credit provider’s licence shall be valid for 5 years from the date of the grant of the licence.]

(8) A F134[high cost credit provider’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 F134[the provision of high cost credit],

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

(d) F135[…]

(e) an itemised statement of the APR to be charged in relation to F134[high cost credit agreements]by the holder,

F131[(f) details of 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 F134[high cost credit provider’s licence] shall only engage in F134[the provision of high cost credit] in the name specified in the holder's licence.

(10) F132[The Bank may refuse to grant a F134[high cost credit provider’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,

F136[(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 F137[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 F134[the provision of high cost credit] 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 F132[Bank], a fit and proper person to carry on F134[the provision of high cost credit],

F131[(g) in the Bank’s opinion, any of the terms or conditions of the applicant relating to credit are unfair,]

F138[(ga) a proposed total cost of credit is excessive,]

(h) in the case of an application for a second or subsequent F134[high cost credit provider’s licence], the applicant did not engage in F134[the provision of high cost credit] according to the terms or conditions of the F131[previous licence,]

F138[(i) the applicant has failed to satisfy the Bank that the applicant is, or will be, able to comply with any requirement imposed on the holder of a licence by, or under, this Part or any other provision of financial services legislation,

(j) the applicant has failed to satisfy the Bank that the applicant conducts or will conduct the applicant’s business in such a manner as to ensure the protection of the applicant’s customers, or

(k) the applicant has failed to satisfy the Bank that the applicant complies with any other requirement, compliance with which is considered necessary by the Bank in order to ensure—

(i) the proper and orderly regulation and supervision of the provision of high cost credit, or

(ii) the protection of the applicant’s customers.]

F139[(10A) (a) Where in relation to a F134[high cost credit provider’s licence]

(i) an application in accordance with F137[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 F137[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,]

F131[(11) The Bank may—

(a) suspend or revoke a high cost credit provider’s licence, or

(b) vary the terms or conditions of a high cost credit provider’s licence,

where the Bank is satisfied that, since becoming the holder of a high cost credit provider’s licence—

(i) the high cost credit provider, or any business with which the high cost credit provider is connected, has been convicted of an offence for contravening section 98,

(ii) the high cost credit provider has become the holder of a licence referred to in subsection (10)(c),

(iii) the high cost credit provider has failed to comply with any of the terms or conditions of the licence, or

(iv) the high cost credit provider has failed to comply with or is failing to comply with any condition or requirement imposed by, or under, this Act or any other financial services legislation.]

(12) Whenever the F132[Bank] proposes to refuse to grant, suspend, revoke or vary the terms or conditions of a F134[high cost credit provider’s licence] F132[it] shall notify the applicant or the holder of the licence, as the case may be, of F132[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.

F140[(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 F134[high cost credit provider’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 F134[high cost credit provider’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 F134[high cost credit provider’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) F141[…]

F138[(20) For the purposes of subsection (10)(ga), a proposed total cost of credit shall be excessive where the interest rate for a loan to which the total cost of credit relates would exceed—

(a) in the case of a loan (other than a running account)—

(i) the maximum rate of interest standing prescribed under section 98A(2)(a)(i), or

(ii) the maximum rate of interest standing prescribed under section 98A(2)(a)(ii),

and

(b) in the case of a running account, the maximum rate of interest standing prescribed under section 98A(2)(b),

in each case, at the time the application is made.]