Consumer Credit Act , 1995

Type Act

Publication 1995-07-31

Last updated 2026-02-05

State In force

Source Irish Statute Book

articles 208

(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.]

F141[(10A)(a)Where in relation to aF135[high cost credit provider’s licence]

(i)an application in accordance withF139[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,

(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 saidF139[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 withparagraph (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 insubparagraph (i)ofparagraph (a), or

(ii)the final determination of an appeal referred to insubparagraph (ii)ofparagraph (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 insubparagraph (i)ofparagraph (a), or

(ii)the final determination of an appeal undersubparagraph (ii)ofparagraph (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 ofthat duty attributable to the period when the licence was temporarily in force shall be repaid,]

F132[(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 contraveningsection 98,

(ii) the high cost credit provider has become the holder of a licence referred to insubsection (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 F133[Bank] proposes to refuse to grant, suspend, revoke or vary the terms or conditions of a F135[high cost credit provider’s licence] F133[it] shall notify the applicant or the holder of the licence, as the case may be, of F133[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.

F142[(13) If, having considered any representations that may have been made undersubsection (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 undersubsection (12), the Bank decides to suspend or revoke aF135[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 insubsection (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 ofthe Central Bank Act 1942:

(a) a decision to refuse to grant aF135[high cost credit provider’s licence];

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

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

(a) suspending or revoking aF135[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 ofthe Central Bank Act 1942unless 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) F143[…]

F140[(20) For the purposes ofsubsection (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 undersection 98A(2)(a)(i), or

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

and

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

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

94. Obligation on moneylender to display licence.

94.—The holder of a F146[high cost credit provider’s licence] shall display in a prominent position F147[a certified copy] of the licence and any terms or conditions attached thereto in any premises where the holder engages in F146[the provision of high cost credit].

94A. F148[Term of loan under high cost credit agreement

94A.—(1) Subject tosubsection (2), a high cost credit provider shall not grant a loan whose term exceeds 52 weeks.

(2)Subsection (1)shall not apply to—

(a) a loan granted under a high cost credit agreement that is entered into before the date on which the Consumer Credit (Amendment) Act 2022 comes into operation, or

(b) a running account under a high cost credit agreement.]

95. F149[ “Moneylending agreement” to be stated in agreement.

95.A high cost credit provider shall ensure that a high cost credit agreement—

(a) entered into after the date on which the Consumer Credit (Amendment) Act 2022 comes into operation, and

(b) to which the high cost credit provider is a party, shall contain in a prominent position the words "High cost credit agreement".]

96. F150[F151[High cost credit provider’s licence] not to be altered or falsified.

96.—(1) A person, other than an authorised person, shall not alter or attempt to alter aF151[high cost credit provider’s licence]or an authorised copy of such a licence.

(2) A person shall not falsify or attempt to falsify aF151[high cost credit provider’s licence]or a certified copy of such a licence.]

97. Moneylender to issue authorisation to persons engaging in moneylending on his behalf off business premises.

97.—(1)A holder of a F152[high cost credit provider’s licence] shall issue, in writing and in such form as may be specified by the F153[Bank], to any person engaging in F152[the provision of high cost credit] on his behalf, at a place other than a business premises of the holder F152[used for the provision of high cost credit], authorisation to so engage, signed by or on behalf of the licence holder.

(2)An authorisation issued under subsection (1) shall cease to have effect should F152[the high cost credit provider] who issued it cease to be the holder of a F152[high cost credit provider’s licence].

(3)A person shall not engage in F152[the provision of high cost credit] on behalf of the holder of a F152[high cost credit provider’s licence] at a place other than the business premises of the holder unless he holds an authorisation issued under subsection (1).

(4)A person shall not alter, deface or falsify or attempt to alter, deface or falsify an authorisation issued under subsection (1).

(5)In any proceedings for an offence for contravening subsection (3) it shall be a defence for the accused to show that he had reasonable grounds to believe that any authorisation issued to him to engage F152[in the provision of high cost credit] on behalf of a F152[high cost credit provider] was bona fide issued under this section and in force.

98. Prohibition on engaging in F154[the provision of high cost credit] without licence.

98.—(1)A person shall not engage in F154[the provision of high cost credit] on his own behalf unless—

(a)he is the holder of a F154[high cost credit provider’s licence], and

(b)he maintains a business premises for that purpose which is not used as a residence by any person.

(2)A person shall not engage in F154[the provision of high cost credit] F154[on behalf of a high cost credit provider] who is not the holder of a F154[high cost credit provider’s licence].

(3)Where a member of the Garda Síochána has reasonable cause to suspect that a person in a public place is engaging in F154[the provision of high cost credit] in contravention of this section, the member may, without warrant, stop, question, search (if need be by force) and remove from that person any documents or money which the member reasonably believes may be in that person's possession F154[for the purpose of the provision of high cost credit].

(4)A person shall not obstruct or interfere with a member of the Garda Síochána acting under subsection (3) or give to a member information which is false or misleading.

(5)A person shall comply with any request made of him by a member of the Garda Síochána under subsection (3).

(6)In this section “public place” means any place to which the public have access whether as of right or by permission and whether subject to or free of charge; and the doorways, entrances and gardens abutting onto a public place and any ground or car-park adjoining and open to a public place shall be treated as forming part of a public place.

98A. F155[Maximum interest rates.

98A.(1) A high cost credit provider shall not charge interest, under a high cost credit agreement, at a rate which exceeds a maximum rate of interest—

(a) prescribed under this section, and

(b) applicable to the agreement.

(2) The Minister shall prescribe the following:

(a) in respect of a loan (other than a running account) under a high cost credit agreement—

(i) the maximum rate of simple interest chargeable per week (being a rate less than or equal to one per cent), and

(ii) the maximum rate of simple interest chargeable per year (being a rate less than or equal to 48 per cent);

(b) in respect of a running account under a high cost credit agreement, the maximum rate of nominal monthly interest chargeable on an outstanding balance (being a rate less than or equal to 2.83 per cent).

(3) A maximum rate of interest prescribed under this section shall apply to a high cost credit agreement entered into—

(a) after the date on which the regulations, by which the rate is prescribed, come into operation, and

(b) on or before the date, if any, on which the regulations next made under this section come into operation.

(4) The Minister shall consult with the Bank before making regulations under this section.

(5) The Minister shall have regard to the following when making regulations under this section:

(a) the impact of the regulations on competition in the high cost credit sector;

(b) the impact of the regulations on the supply of credit in the high cost credit sector;

(c) the average rates of interest offered to customers in the high cost credit sector and any trends in such interest rates;

(d) where setting the proposed rate would reduce the supply of credit in the high cost credit sector, the impact of such a reduction on financial inclusion.

(6) Insubsection (5)(d), "financial inclusion" means affordable, timely and adequate access to a range of regulated financial products and services by all segments of society.

(7) The Bank shall, when consulted in accordance withsubsection (4), prepare a report assessing the possible effects, on the matters referred to insubsection (5),of the rates proposed to be prescribed by the Minister.

(8) The Bank shall, within 3 years of the coming into operation of the Consumer Credit (Amendment) Act 2022, prepare a report assessing the impact of the rates of interest prescribed under this section on the matters referred to insubsection (5).]

99. Loan or other credit to be advanced in full.

99.—Where credit is made available to a borrower by means of a F156[high cost credit agreement] that credit shall not be reduced by the F156[high cost credit provider] or a person acting on his behalf by any amount in respect of:

(a)repayment of the credit or any charges related thereto, or

(b)repayment of a previous credit or any charge related thereto,

and no payment in respect of the credit shall be required of the borrower by the F156[high cost credit provider] or a person acting on his behalf before the due date of the first repayment instalment.

100. Repayment book.

100.—F157[(1) A high cost credit provider shall, in respect of every high cost credit agreement, supply or make available to the borrower, in accordance withsubsection (3), on paper or another durable medium, a book or document (in this section referred to as a "repayment book")—

(a) in which to record repayments made under the agreement,

(b) which shall be completed and maintained by the high cost credit provider in accordance with this section, and

(2)(a)A F158[high cost credit provider] shall, in respect of F158[high cost credit agreement], enter in a repayment book before supplying it to a borrower the following information:

(i)an agreement number or other reference to enable the agreement to be identified,

(ii)the name and address of the F158[high cost credit provider] (as specified on his F158[high cost credit provider’s licence]),

(iii)the name and address of the borrower,

F157[(vii) the rate of interest to be charged (including the APR expressed as € per €100 borrowed) on foot of the credit advanced,]

(v)the date the credit is advanced,

(vi)the amount of each repayment instalment,

(vii)the rate of interest to be charged (including the APR expressed as £ per £100 borrowed) on foot of the credit advanced,

F157[(viii) the total cost of credit—

(I) in euro, and

(II) as a percentage of the amount borrowed,]

(ix)the number of repayment instalments,

(x)the date, or the mode of determining the date, upon which each repayment instalment is payable,

(xi)the total amount payable in respect of the loan, and

(xii)the date of expiry of the loan.

(b)A repayment book shall also include a record of repayments in the form set out in the Sixth Schedule and in which, on the occasion of each repayment, the person to whom the repayment is made shall enter the following:

(i)the date the repayment is made,

(ii)the amount of the repayment,

(iii)the amount still outstanding after deduction of the repayment, and

(iv)the signature of the person to whom the repayment is made.

F159[(3) A high cost credit provider shall, for the purposes of compliance withsubsection (1)—

(a) offer to supply or make available the repayment book to the borrower in a choice of paper and at least one other durable medium, and

(b) supply or make available the repayment book to the borrower in the durable medium chosen by the borrower.

(4) In this section, "durable medium" means any medium that enables a person to store information in a way that renders it accessible to the borrower for future reference for a period of time adequate for the purposes of the information and allows the unchanged reproduction of the information.]

101. Records to be maintained by F160[high cost credit provider].

101.—(1)A F160[high cost credit provider] shall, in respect of every F160[high cost credit agreement], made after the commencement of this section, to which the F160[high cost credit provider] is a party, keep a record of the agreement which shall include the following information:

(a)the agreement number or other reference to identify the agreement,

(b)the name and address of the borrower,

(c)the amount of the credit advanced under the agreement,

(d)the date the credit is advanced,

(e)the amount of each repayment instalment,

(f)the rate of interest charged including the APR,

(g)the amount of each collection charge (if any),

(h)the number of instalments,

(i)the total amount payable in respect of the loan, and

(j)a Schedule showing, in respect of each repayment—

(i)the date the repayment is made,

(ii)the amount of the repayment,

(iii)the amount still outstanding after deduction of the repayment, and

(iv)the name of the person to whom the repayment is made.

(2)A F160[high cost credit provider] shall retain a record kept under subsection (1) for a period of not less than 5 years after the final repayment instalment under the agreement.

F161[(3) Neither aF160[high cost credit provider]nor a person acting on theF160[high cost credit provider's]behalf may divulge to a person other than an authorised person any of the contents of records kept by theF160[high cost credit provider]under this section.

(3A) The following persons are authorised for the purposes ofsubsection (3):

(a) the borrower or an agent of the borrower;

(b) the Bank, a Director of the Bank, an employee of the Bank, a delegate of the Bank or a member, officer or employee of such a delegate;

102. Prohibition on charges for expenses on loans by moneylenders.

102.—F162[(1) A high cost credit provider shall not make or attempt to make an agreement with a borrower who has borrowed or intends to borrow credit from that high cost credit provider for any—

(a) sum,

(b) account of costs,

(d) collection charges, or

(e) expenses,

incidental to or relating to the negotiations for, or the granting of, the loan.]

(2)If any sum is paid by a borrower who has borrowed or intends to borrow credit from a F163[high cost credit provider] for or on account of such costs, charges or expenses that sum shall be recoverable as a debt due to the borrower, or in the event of the loan being completed, shall, if not so recovered, be set off against the amount actually lent and that amount shall be deemed to be reduced accordingly.

103. Moneylending agreements which include a collection charge.

103.—F164[…]

104. Presumption.

104.—Where in a prosecution for a contravention of this Part it is shown to a court that the accused had in his possession or control any document or sum of money in circumstances which give rise to the reasonable inference that such documents or money were kept for F165[the purpose of the provision of high cost credit], it shall be presumed, unless the contrary is shown, that the accused, at the time of such possession or control, was engaged in F165[the provision of high cost credit].

105. Powers of entry of Garda Síochána.

105.—(1)A member of the Garda Síochána may enter a premises (if need be by reasonable force) at which there are reasonable grounds to suspect that the premises or part of the premises (other than a dwelling) is being used for the purposes of F166[the provision of high cost credit] contrary to this Part or that evidence of an offence for contravening this Part may be found in such premises, and may search and inspect the premises and search and question any person found thereon and may seize and retain any document, money or thing which the member has reason to believe may be evidence of the commission of an offence for contravening this Part.

(2)A member of the Garda Síochána who enters a premises under subsection (1) may exercise any of the powers conferred on an authorised officer under F167[section 8N].

(3)A person shall not obstruct or interfere with a member of the Garda Síochána acting under this section or give any information which is false or misleading.

(4)A person shall comply with any requirement made of him by a member of the Garda Síochána under this section.

106. Search warrants.

106.—(1)If a judge of the District Court is satisfied on the sworn information of a member of the Garda Síochána that there are reasonable grounds for suspecting that any premises or any part of any premises is being used for the purposes of F168[the provision of high cost credit] contrary to the provisions of this Part or that evidence of an offence for contravening this Part may be found in such premises, the judge may issue a warrant authorising any member of the Garda Síochána, accompanied by other members of the Garda Síochána, at any time or times within one month from the date of issue of the warrant, on production if so requested of the warrant, to enter, if need be by force, and search the premises and any person found therein and question any such person and seize and retain any document or thing which such member has reason to believe may be evidence of the commission of an offence for contravening this Part and arrest any such person who the member has reason to believe has contravened any provision of this Part.

(2)A person shall not obstruct or interfere with a member of the Garda Síochána acting under the authority of a warrant under subsection (1) or give to a member information which is false or misleading.

(3)A person shall comply with any request made of him by a member of the Garda Síochána acting under the authority of a warrant under subsection (1).

107. Prohibition on possession of documents belonging to another person for moneylending.

107.—(1)A person shall not have in his possession or control for the purposes of F169[the provision of high cost credit] any document belonging to another person.

(2)Where a member of the Garda Síochána has reasonable cause to suspect that a person is in possession or control of a document in contravention of subsection (1), the member may without warrant, stop and search (if need be by force) the person and seize the document.

(3)A person shall not obstruct or interfere with a member of the Garda Síochána acting under subsection (2).

(4)In this section “document” includes every book, card, order, voucher or other document issued to any person.

108. Obligation to produce to member of Garda Síochána moneylender's licence or authorisation.

108.—(1)Where a member of the Garda Síochána has reasonable cause to suspect that a person is engaged in the F170[the provision of high cost credit] he may require that person to produce his F170[high cost credit provider’s licence] or authorisation issued under section 97.

(2)A person shall not obstruct or interfere with a member of the Garda Síochána acting under subsection (1) and shall comply with any requirement made of him under that subsection.

109. Powers of arrest.

109.—(1)If a member of the Garda Síochána has reasonable cause to suspect that a person has contravened this section, section 98, section 107 or 108, the member may—

(a)arrest that person without warrant, or

(b)require the person to give his name and address and, if the person fails or refuses to do so or gives a name or address that member reasonably suspects to be false or misleading, the member may arrest that person without warrant.

(2)A person shall not refuse to give his name or address when required under subsection (1), or give a name or address which is false or misleading.

110. Prohibition on collecting repayments at certain times.

110.—(1)A person shall not engage in the business of collecting repayments whether personally or by his employee or agent—

(a)subject to subsection (2), between the hours of 9 o'clock in the evening on any week day and 10 o'clock in the morning on the following day, or

(b)at any time on a Sunday or a public holiday (within the meaning of the Holidays (Employees) Act, 1973).

(2)Where the borrower has given his consent in writing, separate from any other document, in the form set out in the Seventh Schedule or such other form as may be prescribed, a F171[high cost credit provider] may engage in the collection of repayments whether personally or by his employee or agent between the hours of 8 o'clock and 10 o'clock in the morning on any week day.

(3)A copy of a consent under subsection (2) shall be—

(a)handed personally to the borrower upon giving such consent, or

(b)sent to the borrower within 10 days of giving such consent, by the F171[high cost credit provider] or his employee or agent.

(4)A borrower may withdraw any consent given by him under subsection (2) by notifying the F171[high cost credit provider], his employee or agent and, accordingly, any such consent shall be terminated upon receipt of such notification.

111. Prohibition on selling goods while collecting repayments.

111.—A person on the occasion that a cash advance is made to a borrower under a F172[high cost credit agreement], shall not sell or offer for sale any goods to that borrower.

112. Prohibition on increased charges for credit on default.

112.—A F173[high cost credit agreement] shall be unenforceable against the borrower if it provides that the rate of charge for the credit may be increased or that any additional charge, other than legal costs, may apply in the event of a default in the payments due under the agreement.

113. Continuity of licences granted under Moneylenders Act, 1933.

113.—Any moneylender's licence granted by the Revenue Commissioners under section 5 of the Moneylenders Act, 1933 (repealed by section 19) that is in force immediately before the commencement of section 93 shall continue in force after such commencement for the remainder of the period that such licence was so granted as if it had been granted by the Director under section 93 and that section shall be construed accordingly.

114. F174[Certain persons not to be regarded as moneylenders.

114.—The Minister for Finance may, after consulting the Bank, make regulations declaring that specified persons, or members of a specified class of persons, are not to be regarded as engaging inF175[the provision of high cost credit]for the purpose of this Part.]

114A. F176[Provision of information by Bank to Minister.

114A.(1) Subject tosubsection (3), the Minister may, in writing, request the Bank to obtain and publish aggregate information and statistics in relation to the high cost credit sector.

(2) The Bank shall comply with a request from the Minister undersubsection (1).

(3) The Minister shall not request the Bank to publish personal data (within the meaning of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016^(1)) undersubsection (1).]

114B. F177[Transitional provisions arising from Consumer Credit (Amendment) Act 2022

114B. (1) A reference in a provision specified insubsection (2)to a high cost credit provider’s licence shall include a reference to a licence granted undersection 93, as that section stood immediately before the coming into operation of the Act of 2022.

(2) The provisions referred to insubsection (1)are—

(a)subsections (9), (10)(e)and(h), (10A), (11), (12), (14), (16)and(17)ofsection 93,

(b)section 94,

(c)section 96,

(d)section 97,

(e)section 98,

(f)section 100,

(g)section 108,

(h)section 116,

(i)section 144, and

(j)section 151A.

(3) An application made undersection 93, as that section stood immediately before the coming into operation of the Act of 2022, but not determined before such coming into operation, shall be deemed to be an application for a high cost credit provider’s licence undersection 93.

(4) A licence granted undersection 93, as that section stood immediately before the Act of 2022 came into operation, shall be valid for the period of 12 months commencing on the date specified in the licence and shall expire at the end of that period.

(5) In this section, "Act of 2022" means the Consumer Credit (Amendment) Act 2022.]

PART IX Housing Loans made by Mortgage Lenders

115. Application of, definitions, Part IX.

115.—(1)This Part shall apply to a housing loan made by a mortgage lender.

(2)In this Part—

F178["authorised person" means the Bank, a person authorised by the Bank for the purposes of this section, a delegate of the Bank or a member, officer or employee of such a delegate;

"certified" means certified by an authorised person;]

“endowment loan” means a housing loan which is to be repaid out of the proceeds of an insurance policy on its maturity, other than a policy providing mortgage protection insurance only;

“information document” means any document, leaflet, notice, circular, pamphlet, brochure, film, video or facsimile issued to the general public or to certain persons (whether solicited or not) for the purpose of giving information in relation to housing loans;

“insurance commission” means a payment or other remuneration, reward or benefit in kind, paid or payable by or on behalf of the insurer to any person in connection with the insurance business of the insurer and includes the time allowed by the insurer to that person for the payment by that person to the insurer of premiums received by that person for the insurer for contracts of insurance entered into by the insurer;

“insurance intermediary” means an insurance agent or insurance broker within the meaning of the Insurance Act, 1989;

“insurer” has the meaning assigned to it by the Insurance Act, 1989;

“mortgage agent” means any or all of the following:

(a)a mortgage lender,

(b)a mortgage intermediary,

(c)an insurer, or

(d)an insurance intermediary;

“subsidiary” has the same meaning assigned to it by section 155 of the Companies Act, 1963.

116. Mortgage intermediaries.

116.—(1)F179[Subject tosection 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 F180[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 F180[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 F180[Bank] may require.

F180[(4) An application for an authorisation must be accompanied by the fee (if any) prescribed under section 33K ofthe Central Bank Act 1942, for the purposes of this section.]

(5) F181[…]

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

F182[(7) Except as provided bysubsection (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.

F182[(9) The Bank may refuse to grant an authorisation on any of the following grounds:

(a) the applicant does not satisfy the condition specified insubsection (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;

(i)F183[a betting licence issued under Part 5 of theAct of 2024], or

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

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

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

(v) aF184[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.]

F185[(9A)(a)Where in relation to an authorisation—

(i)an application in accordance withF186[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,

(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 saidF186[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 theF180[Bank].

(b)Every authorisation issued temporarily or continued in force in accordance withparagraph (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 insubparagraph (i)ofparagraph (a), or

(ii)the final determination of an appeal referred to insubparagraph (ii)ofparagraph (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 insubparagraph (i)ofparagraph (a), or

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.]

F180[(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.]

F182[(11) The Bank may suspend or revoke an authorisation on any of the following grounds:

(a) the holder no longer satisfies the condition specified insubsection (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;

(i)F183[a betting licence issued under Part 5 of theAct of 2024], or

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

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

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

(v) aF184[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 undersubsection (7);

(f) the applicant is contravening or has contravened a regulation in force undersubsection (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 insubsection (9).]

(12)Whenever the F180[Bank] proposes to refuse to grant, suspend or revoke an authorisation F180[it] shall notify the applicant or the holder of the authorisation, as the case may be, of F180[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.

F187[(13) If, having considered any representations that may have been made undersubsection (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 undersubsection (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.

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

(a) a decision to refuse to grant an authorisation;

(b) a decision suspending or revoking 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,

(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.

F187[(19) In this section, "authorisation" means a mortgage intermediaries authorisation.]

(20) F188[…]

116A. F191[Non- application of section 116 and deemed application of certain provisions

116A.—(1)Section 116shall not apply to a person required to hold a mortgage credit intermediary’s authorisation under Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (insubsection (2)referred to as a "relevant authorisation").

(2) Notwithstandingsubsection (1), a person who is the holder for the time being of a relevant authorisation shall, for the purposes, and the purposes only, ofsections 117to119, be deemed to be the holder of a mortgage intermediaries authorisation.]

117. Obligation to display copy of mortgage intermediaries authorisation.

117.—The holder of a mortgage intermediaries authorisation shall display in a prominent position in any premises where the holder engages in the business of being a mortgage intermediary—

(a)F192[a certified copy] of the authorisation, and

(b)a notice stating clearly the name of any undertaking for whom the holder acts as a mortgage intermediary.

118. F193[Mortgage intermediaries authorisation not to be altered or falsified.

118.—(1) A person, other than an authorised person, shall not alter or attempt to alter a mortgage intermediaries authorisation or a certified copy of such an authorisation.

(2) A person shall not falsify or attempt to falsify a mortgage intermediaries authorisation or a certified copy of such an authorisation.]

119. F194[Amendment of mortgage intermediaries authorisation.

119.—(1) Immediately after the holder of a mortgage intermediaries authorisation—

(a) ceases to act on behalf of an undertaking specified in the authorisation, or

(b) begins to act as a mortgage intermediary on behalf of an undertaking not specified in the authorisation,

that holder shall, in writing, notify the Bank of the event, and shall deliver the authorisation to the Bank.

(2) On receiving the notice and authorisation, the Bank shall (at its option) either amend the authorisation, or issue another authorisation, that reflects the event.]

120. F195[Certain persons not to be regarded as mortgage intermediaries.

120.—The Minister for Finance may, after consulting the Bank, make a regulation declaring that specified persons, or members of a specified class of persons, are not to be regarded as mortgage intermediaries for the purpose of this Part.]

121. Redemption of housing loans.

121.—(1)Subject to subsection (3), a borrower may, at any time before the time agreed, repay to the mortgage lender the whole or any part of a housing loan and shall not be liable to pay any redemption fee in relation to the loan or any part of the loan.

(2)The exemption from redemption fees in subsection (1) shall not apply to a housing loan in respect of which the mortgage or loan agreement provides that the rate of interest:

(a)may not be changed, or

(b)may not be changed over a period of at least one year, or

(c)may not, for a period of at least 5 years, exceed the rate applicable on the date of the making of the said agreement by more than 2 per cent.

(3)The exemption from redemption fees in subsection (1) shall apply at any time during the period of the loan at which the period referred to in paragraph (b) or (c) of subsection (2) have elapsed.

F196[(4) The Minister for Finance may, after consulting the Minister for the Environment and Local Government and the Bank, make a regulation varying—

(a) the period referred to insubsection (2)(b), or

(b) the period or years or the rate of interest, referred to insubsection (2)(c).]

(5)A mortgage agent shall, where a redemption fee is payable on a housing loan by virtue of subsection (2), ensure that a statement to that effect, specifying how the amount of such fee is to be calculated, shall be included in or attached to:

(a)any information document which refers or relates to such a loan,

(b)any application form issued for the purpose of applying for such a loan or, where application for the loan is made otherwise than by way of an application form, such a statement shall be sent to the applicant within 10 days of the receipt of the application,

(c)any document sent to the applicant approving the loan, and

(d)any communication in relation to a variation of, or any offer to vary, the terms of the housing loan which would have the effect of making the loan liable to a redemption fee in accordance with subsection (2).

(6)In this section “redemption fee” means, in relation to a housing loan, any sum in addition to principal and any interest due on such principal (without regard to the fact of the redemption of the loan) at the time of redemption of the whole or part of the loan.

122. Criteria for calculation of APR in relation to housing loans.

122.—(1)For the purpose of calculating the APR in relation to a housing loan the total cost of credit to the borrower shall be determined with the exception of the following charges—

(a)charges other than the purchase price which the consumer is obliged to pay whether the transaction is paid for in cash or by credit including Government duties or taxes on the purchase or acquisition of the property, and fees payable by the borrower to his own agent for the carrying out of legal and other procedures associated with the acquisition of the property,

(b)charges payable by the borrower for non-compliance with any of his commitments laid down in the credit agreement,

(c)charges for insurance on the life of the borrower or for insurance against property damage which are designed to ensure payment to the creditor of credit outstanding in the event of the death of the borrower, or insurable damage to the property the subject of the credit agreement, before termination of the agreement.

(2)In calculating the APR in relation to a housing loan, the following assumptions shall be made:

(a)the creditor and the prospective borrower fulfil their obligations under the terms of the contract,

(b)in the case of credit agreements providing for variations in the rate of interest or other charges which are unquantifiable at the time of calculation, the APR shall be calculated on the assumption that the future rates of interest or charges are the current variable rates which will remain fixed and will apply until the end of the credit agreement. In circumstances in which the initial or subsequent interest rate is fixed for a specific period or periods, the calculation shall assume that the fixed rate or rates shall apply only for the period or periods specified and that the rates applicable to other periods of the contract are the current variable rates which will remain fixed for those periods,

(c)that the borrower is not entitled to any income tax relief or any other benefit not granted by the creditor under, or relating to, the transaction,

(d)where charges are payable at an unspecified date after the agreement is signed it shall be assumed that they are payable at the beginning of the agreement,

(e)in the case of advertising, the calculation shall be based on a typical example.

(3)A mortgage lender shall comply with the requirements of this section in relation to the calculation of the APR in respect of a housing loan.

123. Valuation reports.

123.—(1)Where a mortgage lender—

(a)gives approval to the making of a housing loan; or

(b)refuses to make a housing loan,

the applicant for the loan shall, at the time he is notified of the approval of the loan or of the refusal to give such approval, be furnished by the mortgage lender with a copy of the report (“valuation report”) made to the mortgage lender on the value of the security.

(2)The mortgage lender shall attach to or include in every valuation report furnished to an applicant in accordance with subsection (1) a note stating clearly the nature and purpose of the report.

(3)There shall be no charge made to the applicant for a valuation report if the loan application is refused.

124. Insurance of mortgaged property.

124.—(1)Any insurance which a mortgage lender may require a borrower to effect and keep effected on property mortgaged to the lender may be effected by the borrower with any insurer and through any intermediary.

(2)When the mortgage lender requires a borrower to effect such insurance for the first time as respects a mortgaged property, he shall, at the same time, notify him in writing that the insurance may be so effected and of the nature and extent of the required insurance.

(3)A mortgage lender shall not impose a requirement in regard to the nature and extent of insurance on mortgaged property which differentiates as between insurance effected through the agency of the mortgage lender and insurance otherwise effected.

(4)A mortgage lender shall not impose a condition on a borrower in relation to insurance on mortgaged property which would require the borrower to pay a fee to the mortgage lender or to incur a cost which, in either case, would not be paid or incurred by a borrower effecting insurance through the agency of the mortgage lender.

125. Costs of legal investigation of title.

125.—Any costs incurred by a mortgage lender in respect of, arising from or in connection with, the legal investigation of title to any property offered as security by a borrower shall be paid by the mortgage lender and shall not be recoverable from the borrower either as a fee specifically stated to be in respect of such costs or as part of any fee or other charge in respect of the loan.

126. Mortgage protection insurance.

126.—(1)Subject to the provisions of this section, a mortgage lender shall arrange, through an insurer or an insurance intermediary, a life assurance policy providing, in the event of the death of a borrower before a housing loan made by the mortgage lender has been repaid, for payment of a sum equal to the amount of the principal estimated by the mortgage lender to be outstanding in the year in which the death occurs on the basis that payments have been made by the borrower in accordance with the mortgage, such sum to be employed in repayment of the principal.

(2)Subsection (1) shall apply as respects all housing loans except—

(a)where the house in respect of which the loan is made is, in the mortgage lender's opinion, not intended for use as the principal residence of the borrower or of his dependants,

(b)loans to persons who belong to a class of persons which would not be acceptable to an insurer, or which would only be acceptable to an insurer at a premium significantly higher than that payable by borrowers generally,

(c)loans to persons who are over 50 years of age at the time the loan is approved,

(d)loans to persons who, at the time the loan is made, have otherwise arranged life assurance, providing for payment of a sum, in the event of death, of not less than the sum referred to in subsection (1).

(3)A person who does not belong to a class referred to in paragraph (b) of subsection (2) shall not be required by virtue of this section to undergo a medical examination as a condition of a policy but nothing in this section shall prevent a person belonging to such a class from being required to undergo a medical examination.

(4)A policy under this section may, in the case of a loan made jointly to two or more borrowers, apply to such of the borrowers as may be designated by the mortgage lender, due regard being had to the wishes of such borrowers.

(5)Where the proceeds of a policy under this section exceed the amount due to the mortgage lender on the loan, any such excess shall be payable to the surviving borrower or to the estate of the deceased borrower as the case may be.

127. Prohibition on linking of services.

127.—(1)A mortgage agent shall not make or offer to make to any person, or arrange or offer to arrange for any person, a housing loan which would be subject to a condition that any financial services, conveyancing services, auctioneering services or other services relating to land which that person may require, whether or not in connection with the loan, shall be provided by the agent or through a subsidiary or other associated body of such agent.

(2)Where, in connection with the making or arranging of a housing loan, more than one service is made available by a mortgage agent or one or more of his subsidiaries, the agent shall not, and shall ensure that each of his subsidiaries does not, make the services available on terms other than terms which distinguish the consideration payable for each service so made available; nor shall any of the subsidiaries make the services available on terms other than terms which make that distinction.

(3)Where a person is providing auctioneering services, or constructing houses for sale, and is also a mortgage intermediary, he, or a subsidiary or other associated body, shall not sell, offer to sell or arrange to sell a house which is to be purchased with the aid of a housing loan, on terms which differentiate as between a person who purchases the house with the aid of a housing loan arranged by or on behalf of such intermediary and a person who purchases the house with the aid of a housing loan otherwise arranged.

128. Warning on loss of home.

128.—(1)A mortgage agent shall ensure that—

(a)an information document,

(b)an application form for a housing loan, or

(c)any document approving a housing loan,

shall include the following notice:

(2)A mortgage agent shall ensure that, where the interest rate for a housing loan is variable—

(a)an information document,

(b)an application, or

(c)any document approving that loan,

shall, following the notice required under subsection (1), include the following:

129. Notice of important information to be included in a housing loan agreement.

129.—(1)An agreement for a housing loan shall contain on the front page a notice in the form set out in Part II of the Third Schedule or such other form as may be prescribed.

(2)A mortgage lender who is a party to an agreement referred to in subsection (1) shall ensure that the agreement complies with that subsection.

F197[(3) This section shall not apply to a credit agreement to which the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 apply.]

130. Duties of mortgage lender to supply documents and information.

130.—A mortgage lender shall in respect of a housing loan, issue to the borrower:

(a)at the time the loan is made, or as soon as may be practicable thereafter a copy of the mortgage deed (including any contract relating thereto) which copy shall be additional to any copy of such mortgage deed issued to his legal representative, and

(b)a statement of the total amount outstanding on the loan on a specified date occurring not more than one year after the making of the loan and at intervals of not more than one year thereafter until the loan is fully repaid, such statement being issued as soon as practicable after the date specified.

131. Disclosure of charges, agency introduction fees, commissions and expenses.

131.—F198[(1) The Minister for Finance may, after consulting the Minister for the Environment and Local Government and the Bank, make a regulation requiring the disclosure to the borrower of specified information relating to any insurance commission, introduction fee or other inducement, charge or expense that may be payable to a person or retained by a person—

(a) because the borrower has taken out an insurance policy in connection with the making of a housing loan, or

(b) because of the making of such a loan.]

(2)Regulations under this section may in particular specify:

(a)the nature of the information to be disclosed, including information on the manner in which any commission, fee, or other inducement, charge or expense is to be determined, the amount or value of same and the arrangements for the payment or provision of same,

(b)the circumstances in which and the time at which the information is to be disclosed,

(c)the manner of disclosure of the information.

(3)(a)Subsection (2) is without prejudice to the generality of subsection (1) and accordingly regulations under this section may make provision for matters other than those mentioned in subsection (2) or further provision as to any of the matters there mentioned.

(b)Regulations made under this section may:

(i)include such consequential, incidental, transitional or supplementary provisions as may be considered appropriate by the F198[Minister for Finance] to be necessary or proper for the purposes of this section;

(ii)apply either generally or by reference to a specified class or classes of loans, insurance, mortgage agents, or persons or by reference to any other matter that is considered appropriate by F198[that Minister].

(4)Where, in connection with the making of a housing loan, a mortgage lender or mortgage intermediary acts exclusively for a particular insurer, he shall at the first reasonable opportunity and in any event before any commitment is made by the borrower, disclose this fact to the borrower.

(5)Where, in connection with the making of a housing loan, a mortgage intermediary acts exclusively for a particular mortgage lender, he shall at the first reasonable opportunity and in any event before any commitment is made by the borrower, disclose this fact to the borrower.

132. Disclosure of other fees.

132.—Where a fee is payable by an applicant for a housing loan in respect of any of the following matters—

(a)the making, accepting or administering of an application for a loan,

(b)the valuation of the security for the loan,

(c)legal services in connection with the loan,

(d)services provided by a mortgage agent in relation to the loan, or

(e)non-acceptance of an offer or approval of a loan,

the mortgage agent shall ensure that a statement of reasonable prominence that such a fee is payable and specifying the amount of the fee or how such amount is determined and the circumstances in which it may be refunded, if such is the case shall be included in or attached to:

(i)any information document issued by or on behalf of the mortgage agent which refers or relates to such a loan,

(ii)any application form issued for the purposes of applying for such a loan or, where application for the loan is made otherwise than by way of an application form, issued to the applicant within 10 days of the receipt of the application, and

(iii)any document sent to the applicant approving the loan, in relation to the matters specified in paragraphs (b), (c), (d) and (e).

133. Endowment loans.

133.—(1)A mortgage agent shall ensure that an information document which refers or relates to an endowment loan, an application form issued to a person for the purpose of applying for such a loan, and any document approving such a loan shall contain in a prominent position the following notice:

(2)Where an application for an endowment loan is made, otherwise than by way of an application form, the applicant shall be supplied by the mortgage agent with a notice in accordance with subsection (1) within 10 days of the receipt of the application.

(3)Subsections (1) and (2) shall not apply where the insurer underwriting the insurance policy in respect of an endowment loan guarantees that the proceeds of the policy at the initial premium will be sufficient to repay the loan in full when it becomes due for repayment or where the mortgage lender undertakes to accept the proceeds in full and final settlement of the loan debt.

(4)Where there is a possibility that, during the lifetime of an endowment loan, the borrower may be required or advised by the insurer or mortgage lender to increase the amount of the premium payments on the insurance policy relating to the loan, in order to secure an increase in the proceeds of the policy on maturity, then the document sent to the applicant approving the loan shall contain a statement of this possibility in a prominent position.

(5)Where the possibility exists that early surrender of the insurance policy in respect of an endowment loan may result in a return to the consumer which would be less than he has paid in premia and other charges, any document refered to in subsection (1) shall contain a statement of this possibility.

(6)An insurer underwriting an insurance policy in respect of an endowment loan shall within 5 years of the policy being issued and every 5 years thereafter, until such time as the endowment loan is repaid, issue or cause to be issued to the borrower, a statement setting out the value of the policy as estimated by the insurer, at such date together with a comparison of this valuation to the valuation at such date projected at the time the policy was first written, and a revised estimate of its valuation at maturity.

134. Disclosure of interest rate and penalties to be applied to arrears on housing loans.

134.—(1)Where it is the policy of a mortgage lender to charge interest in respect of arrears on housing loans or on housing loans of a particular type the mortgage lender shall ensure that, any information document relating to, application form for, or document approving, such a loan and any communication in relation to arrears of payments due on such a loan shall state the amount of the increase in interest and other charges which a borrower may become liable to pay in respect of such arrears.

(2)Any communication issued by or on behalf of a mortgage lender to a borrower which refers to the possibility of possession proceedings being taken under the mortgage, shall contain an estimate of the cost to the borrower of such proceedings.

135. Advertising of housing loans.

135.—(1)F199[The Bank may, if it] considers it expedient to do so give a direction to a mortgage agent in relation to the matter and form of any advertisement or information document displayed or published by or on behalf of such agent in relation to a housing loan and may direct that such advertisement or information document be withdrawn.

(2)Without prejudice to the generality of subsection (1), a direction under this section may do all or any one or more of the following—

(a)prohibit the issue by a mortgage agent of advertisements or information documents of any specified description,

(b)require a mortgage agent to modify advertisements or information documents of a specified description in a specified manner,

(c)prohibit the issue by a mortgage agent of any advertisements or information documents which are, or are substantially, repetitions of a specified advertisement or information document,

(d)require a mortgage agent to withdraw any specified advertisement or information document or any advertisement or information document of a specified description, or

(e)require a mortgage agent to include specified information in any advertisement or information document to be published by it or on its behalf or in any statement to the public made by it or on its behalf.

(3)Any mortgage agent so directed under subsection (1) shall comply with the direction.

(4) F200[…]

136. Protection of borrower on a winding-up.

136.—(1)Where a mortgage lender (being a corporate entity) is being wound-up, a borrower shall not be liable to pay the amount payable in respect of a housing loan except at the time or times, and subject (as may be appropriate) to the conditions, set out in the mortgage or other security.

(2)A liquidator in the exercise of his powers under section 231 (2) (a) of the Companies Act, 1963, shall not dispose of any of the mortgage lender's assets constituting housing loans on terms as respects the loans other than terms which the High Court is satisfied are just and equitable and which the borrowers would have been reasonably entitled to expect if the mortgage lender had not been wound-up.

PART X Miscellaneous

137. F201[Regulations relating to display of information.

137.—(1) The Minister for Enterprise, Trade and Employment may, after consulting the Bank, make regulations requiring persons who carry on businesses that are subject to regulation under the provisions of this Act designated insection 4(2)to display in a manner specified in the regulations at premises where the businesses are carried on, and to which the public have access, prescribed information about the businesses.

(2) The Minister for Finance may, after consulting the Director, make regulations requiring persons who carry on businesses that are subject to regulation under the provisions of this Act designated insection 8G(2)to display in a manner specified in the regulations at premises where the businesses are carried on, and to which the public have access, prescribed information about the businesses.]

138. Restrictions as to use of inertia selling provisions in agreements.

138.—(1)A person shall not insert in any agreement or in any proposal form or application form used in connection with the agreement provisions which require the consumer to indicate positively that he does not wish to obtain credit, purchase or hire any goods or avail of any service in relation to the agreement.

(2)Where any amount is due to a third party as a result of the use of a provision as described in subsection (1), the person who inserted the provision shall be liable for payment of that amount.

139. Circulars to minors.

139.—A person shall not knowingly, with a view to financial gain, send to a minor any document inviting the minor to—

(a)borrow credit,

(b)obtain goods on credit or hire,

(c)obtain services on credit, or

(d)apply for information or advice on borrowing credit or otherwise obtaining credit or hiring goods.

140. Prohibition on exclusion of obligations or rights in agreements.

140.—Except where otherwise provided for in this Act, a creditor or an owner—

(a)shall not, in any agreement—

(i)exclude or restrict any liability imposed on any person or any right conferred on a consumer, or

(ii)impose any further liability in addition to any liability imposed on a consumer,

by this Act, and

(b)shall not be entitled to enforce any agreement (other than a housing loan) which so excludes or restricts any such liability or imposes any such further liability.

141. Statements purporting to exclude or restrict liabilities or rights.

141.—A person shall not in the course of a business do any of the following:

(a)display on any part of any premises a notice,

(b)publish or cause to be published an advertisement,

(c)supply goods bearing or goods in a container bearing a statement, or

(d)furnish or cause to be furnished a document,

which purports to exclude or restrict any liability imposed on any person or any right conferred on a consumer by this Act.

142. Duty to disclose information concerning financial standing of consumer.

142.—(1)Where a creditor or an owner refuses to enter into an agreement with a consumer, he shall disclose to the consumer the name and address of any person from whom he sought information concerning the financial standing of the consumer who gave information which influenced the refusal, within 14 days after receiving a request in writing to that effect from the consumer.

(2)Subsection (1) does not apply to a request—

(a)received more than 28 days after the refusal, or

F202[(b)which relates to information that constitutes personal data to which the Data Protection Regulation applies.]

F203[(3) Subject tosubsection (4), a person who has supplied information to a creditor or an owner in respect of the financial standing of a consumer in respect of an agreement shall provide the consumer with a copy in legible form of any information held by the person concerning the financial standing of the consumer. The information must be provided within 14 days after the person has received from the consumer a request in writing to that effect, together with the requisite fee.

(3A) For the purposes ofsubsection (3), the requisite fee is—

(a) if the matter arises under a provision designated undersection 4(2)—€6.30 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount, that other amount, or

(b) if the matter arises under a provision designated bysection 8H(2)—the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this section.]

(4)Subsection (3) does not apply to a request—

(a)received more than 28 days after the name and address referred to in subsection (1) has been given, or

F204[(b)which relates to information that constitutes personal data to which the Data Protection Regulation applies.]

F205[(5) In this section, "Data Protection Regulation" means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016^19on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).]

143. Correction of incorrect information.

143.—(1)Where a consumer has been given information under section 142 which he considers is incorrect the consumer may within 28 days of receipt give notice to the person requiring the removal or the amendment of the information.

(2)A person referred to in subsection (1) shall within 28 days after receiving a notice under that subsection inform the consumer that he has—

(a)removed the information,

(b)amended the information, or

(c)taken no action.

F206[(3) If the consumer is dissatisfied with any action taken by a person undersubsection (1)and the matter arises under a provision designated undersection 4(2), the consumer may request in writing the Director to investigate the matter. The request must be accompanied by the prescribed fee.

(4) If, after considering a request made undersubsection (3), the Director decides to investigate the matter, the Director may make such direction as the Director considers appropriate with respect to the information concerned. The person to whom any such direction is given shall comply with the direction.

(5) If the consumer is dissatisfied with any action taken by a person undersubsection (1)and the matter arises under a provision designated undersection 8G(2), the consumer may request in writing the Bank to investigate the matter. The request must be accompanied by the prescribed fee.

(6) If, after considering a request made undersubsection (5), the Bank decides to investigate the matter, it may make such direction as it considers appropriate with respect to the information concerned. The person to whom any such direction is given shall comply with the direction.

(7) For the purposes of this section, the prescribed fee is—

(a) if the request is made undersubsection (3)—€6.30 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount, that other amount, or

(b) if the request is made undersubsection (5)—the fee (if any) prescribed under section 33K ofthe Central Bank Act 1942, for the purposes of this subsection.]

PART XI Credit Intermediaries

144. Credit intermediaries.

144.—F207[(1) Subject tosubsection (2), a person shall not engage in the business of being a credit intermediary unless the person—

(a) is the holder of an authorisation granted for that purpose by the Director, and

(b) holds a letter of recognition from each undertaking on whose behalf the person is a credit intermediary.]

(2)The provisions of subsection (1) do not apply to a person who holds a written authorisation under section 97, which is for the time being in force, and who, apart from the business to which that authorisation relates, is not otherwise engaged in the business of being a credit intermediary.

(3)A holder of an authorisation shall only engage in the business of being a credit intermediary in the name specified in the holder's authorisation.

(4)An application for an authorisation shall be in writing and in such form as the Director 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 credit intermediary,

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

(e)such other information that the Director may require.

F208[(5) An application for an authorisation must be accompanied by the requisite fee.

(6) For the purposes ofsubsection (5), the requisite fee is—

(a) in the case of a company or partnership,€630 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount for the purpose of this paragraph, that other amount, and

(b) in the case of a sole trader,€315 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount for the purpose of this paragraph, that other amount.]

(7)An authorisation 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)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 credit intermediary,

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

(d)the name of each of the undertakings for which he acts as a credit intermediary.

(9)The Director may refuse to grant an authorisation on one or more of the following grounds, namely, that—

(a)the application does not satisfy the conditions specified in subsection (1) (a) (ii),

(b)the applicant or any business with which he was connected was, during the previous 5 years, convicted of a criminal offence,

(c)the applicant is the holder of—

(i)F209[a betting licence issued under Part 5 of theAct of 2024],

(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,

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

(v)F210[high cost credit provider’s licence],

F211[(d)the applicant has failed to provide satisfactory evidence that a current tax clearance certificate issued in relation to the authorisation has been issued in accordance with the provisions ofF212[section 1094 of the Taxes Consolidation Act, 1997],]

(e)the applicant is not, or is no longer, in the opinion of the Director, a fit and proper person to carry on the business of credit intermediary, or

(f)the applicant has failed to comply with any regulations made under subsection (10).

F213[(9A)(a)Where in relation to an authorisation—

(i)an application in accordance withF212[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 an authorisation, and

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

(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 saidF212[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 Director.

(b)Every authorisation issued temporarily or continued in force in accordance withparagraph (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 insubparagraph (i)ofparagraph (a), or

(d)Where—

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

F214[(10) The Minister for Enterprise, Trade and Employment may make regulations prohibiting the holder of an authorisation from acting as or claiming to be a credit 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.]

(11)The Director may suspend or revoke an authorisation if he is satisfied that since becoming the holder of an authorisation, a credit intermediary or any business with which he is connected has been convicted of a criminal offence or a credit intermediary has become the holder of a licence referred to in subsection (9) (c) or has failed to comply with any regulations made under subsection (10).

(12)Whenever the Director proposes to refuse to grant, suspend or revoke an authorisation he shall notify the applicant or the holder of the authorisation, as the case may be, of his 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.

(13)Whenever the Director, having considered any representations that may have been made under subsection (12), decides to refuse to grant, suspend or revoke an authorisation, he shall notify the applicant for, or as the case may be, the holder of the authorisation, of the decision and such applicant or holder may, within 7 days of receipt of such notification, appeal against such decision to the judge of the Circuit Court within whose Circuit the business to which the authorisation relates is to be carried on.

(14)A notification referred to in subsection (12) or (13) shall be delivered personally or sent by pre-paid registered post to the business address of the applicant for an authorisation or the holder of the authorisation concerned, as the case may be.

(15)Where a notification under subsection (12) or (13) relates to a refusal to grant a second or subsequent authorisation or a suspension or revocation of an authorisation, the refusal, suspension or revocation shall take effect upon the expiration of the 7 days allowed for the appeal.

(16)Where an appeal is made under subsection (13) by an applicant for a second or subsequent authorisation in respect of a refusal to grant such authorisation or by a holder of an authorisation in respect of a suspension or revocation of an authorisation, the refusal, suspension or revocation shall stand suspended until the appeal is determined or withdrawn and notwithstanding subsection (7) any authorisation held by the applicant at the time of the appeal shall continue in force until the determination or withdrawal of the appeal.

(17)On the hearing of an appeal under subsection (13) in relation to the decision of the Director to refuse to grant, suspend or revoke an authorisation, the Circuit Court may either confirm the decision or allow the appeal and, where an appeal is allowed, the Director shall grant the authorisation or shall not suspend or revoke the authorisation, as the case may be.

(19)In an appeal under subsection (13) the Director shall not be awarded or ordered to pay costs.

(20)In this section “authorisation” means a credit intermediaries authorisation.

145. Obligation to display copy of credit intermediaries authorisation.

145.—The holder of a credit intermediaries authorisation shall display in a prominent position in any premises where the holder engages in the business of being a credit intermediary—

(a)an authorised copy of the authorisation, and

(b)a notice stating clearly the name of any undertaking for whom the holder acts as a credit intermediary.

146. Prohibition on alteration or falsification of credit intermediaries authorisation.

146.—(1)A person, other than the Director or an officer of the Director acting on behalf of the Director, shall not alter or attempt to alter a credit intermediaries authorisation or an authorised copy thereof.

(2)A person shall not falsify or attempt to falsify a credit intermediaries authorisation or any authorised copy thereof.

147. Amendment of credit intermediaries authorisation.

147.—(1)Where the holder of a credit intermediaries authorisation ceases to act on behalf of any undertaking specified in the authorisation or commences to act as a credit intermediary on behalf of any undertaking not specified in the authorisation, the holder shall upon such cessation or commencement inform in writing the Director of the changes and forward the authorisation to the Director, and the Director shall accordingly, as he sees fit, amend the authorisation or issue another authorisation incorporating the change.

(2)The holder of a credit intermediaries authorisation to whom subsection (1) applies shall comply with the requirements of that subsection.

148. Nature of “finance arranged” to be explained to consumer.

148.—Where a consumer negotiates with a seller in respect of the acquisition of goods and the seller, being a credit intermediary, offers, or is requested by the consumer, to arrange a financial accommodation for the consumer in respect of the acquisition of the goods, the seller shall, as soon as may be reasonable, before any agreement, in relation to the goods under negotiation resulting from the offer or request, is entered into, disclose in writing to the consumer—

(a)the nature of the financial accommodation,

(b)the amount, number and frequency of payments and the total amount that the consumer would have to pay under an agreement, and, where applicable, the APR,

(c)who has the property in the goods during the agreement,

(d)the name of any undertaking for which the seller acts as a credit intermediary, and

(e)that the seller receives a commission, payment or consideration of any kind from an undertaking for arranging any such financial accommodation between the consumer and the undertaking.

PART XII Obligation on credit Institutions to Notify Director of all Customer Charges

149. F216[Customer charges, etc., by credit institutions that are subject to regulation by the Bank.

149.—(1) A credit institution or, subject tothe Competition Act 1991, a group of any such credit institutions in respect of a service offered jointly by the group, shall notify the Bank of every proposal—

(a) to increase any charge that has been previously notified to the Bank, or

(b) to impose any charge in relation to the provision of a service to a customer or to a group of customers, that has not been previously notified to the Bank.

(2) Every notification undersubsection (1)must be accompanied by—

(a) subject tosubsection (4), such fee as the Bank may decide with respect to each notification, being a fee that does not exceed the prescribed maximum amount, and

(b) a statement of the commercial justification for the proposal, including a detailed statement of cost, and

(3) For the purposes ofsubsection (2)(a), the prescribed maximum amount is—

(a)€31,750, or

(b) if some other amount is prescribed by regulations made for the purposes of this subsection—that other amount.

(4) The Bank may waive or reduce the fee referred to insubsection (2)if the payment of the fee would, in the opinion of the Bank, be unfair to the credit institution having regard to—

(a) the impact of any increase in or imposition of charges on customers, and

(b) the number of customers affected by any increase in or imposition of charges, and

(d) any other matters that the Bank considers appropriate.

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