Consumer Credit Act, 1995

Moneylender's licence.

93.—(1) The Director, having considered any objection to the granting of a licence, may grant to a person a licence (“a moneylender's licence”) upon such terms and conditions as he sees fit authorising that person to engage in the business of moneylending in any district court district or in any particular district or part thereof upon application to the Director in that behalf.

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

(3) (a) An application for a moneylender's licence shall be in writing and in such form as the Director may determine and shall contain—

(i) the true name and the business name (if any) of the applicant,

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

(iii) the address of any premises in which the applicant proposes to engage or engages in the business of moneylending,

(iv) an itemised statement of the proposed total cost of credit,

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

(vi) details of the applicant's terms and conditions,

(vii) the name of any district court district in which the applicant proposes to engage or engages in the business of moneylending,

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

(ix) such other information as the Director may reasonably require.

(b) An application for a moneylender's licence shall be accompanied by—

(i) a fee of £1,000 for the applicant to engage in the business of moneylending in one district court district, and

(ii) a further fee of £500 in respect of each additional district court district in which the applicant proposes to engage in the business of moneylending.

(4) The fees referred to in subsection (3) may be varied by regulations.

(5) The fees referred to in subsection (3) shall not be refundable in whole or in part save at the discretion of the Director.

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

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

(8) A moneylender's licence shall state—

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

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

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

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

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

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

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

(h) any restrictions to the licence.

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

(10) The Director may refuse to grant a moneylender's licence on one or more of the following grounds that:

(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,

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

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

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

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

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

(11) The Director may—

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

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

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

(12) Whenever the Director proposes to refuse to grant, suspend, revoke or vary the terms or conditions of a moneylender's licence he shall notify the applicant or the holder of the licence, 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, revoke or vary any term or condition of a moneylender's licence, he shall notify the applicant for, or as the case may be, the holder of, the licence of the decision and the grounds for such decision and such applicant or holder may within 7 days of receipt of notification appeal against such decision to the judge of the Circuit Court within whose Circuit the business of moneylending to which the licence 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 a moneylender's licence or the holder of the moneylender's licence 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 moneylender's licence or a suspension or revocation of a moneylender's licence or the variation of the terms or conditions of a moneylender's licence, the refusal, suspension, revocation or variation 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 moneylender's licence in respect of a refusal to grant such licence or by a holder of a moneylender's licence in respect of a suspension, revocation or variation of the terms or conditions of a moneylender's licence, the refusal, suspension, revocation or variation shall stand suspended until the appeal is determined or withdrawn and notwithstanding subsection (7) any moneylender's licence 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 a decision of the Director to refuse to grant, suspend, revoke or vary the terms or conditions of, a moneylender's licence, the Circuit Court may either confirm the decision or allow the appeal and, where an appeal is allowed, the Director shall grant the licence or shall not suspend, revoke or vary the terms or conditions of the licence, as the case may be.

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