Central Bank Act, 1997

Amendment of Consumer Credit Act, 1995 .

36.—The Consumer Credit Act, 1995 , is hereby amended—

(a) by the insertion after section 149 of the following section:

“149A—(1) Section 149 shall apply to a person who has been granted an authorisation by the Central Bank under Part V of the Central Bank Act, 1997, to carry on bureau de change business, as if—

(a) each reference to ‘credit institution’ were a reference to ‘a person authorised to carry on bureau de change business under Part V of the Central Bank Act, 1997’,

(b) the reference to ‘three months’ in subsection (1) were a reference to ‘three months after the granting of an authorisation under Part V of the Central Bank Act, 1997,’,

(c) the reference to ‘banking or financial business’ in subsection (7) (a) were a reference to ‘bureau de change business’,

(d) the reference to ‘banking or financial business’ in subsection (8) (a) (ii) were a reference to ‘bureau de change business’, and

(e) subsection (12) (c), (d) and (e) were repealed.

(2) Nothing in this section shall cause a person authorised to carry on bureau de change business under Part V of the Central Bank Act, 1997, to be treated as a credit institution for any purpose other than as specified in this section.”,

and

(b) by the insertion, in section 150, after “credit institution” of “or of a person authorised to carry on bureau de change business under Part V of the Central Bank Act, 1997.”.