Central Bank Act, 1989.

Authorisation to carry on moneybroking business.

110.—(1) A person shall not carry on moneybroking business at any time after this section has been in operation for 3 months unless the person has been granted an authorisation for the purposes of this section and the authorisation has not been revoked.

(2) Subject to the provisions of this section, the Bank may grant or refuse to grant to any person applying to it an authorisation to carry on moneybroking business.

(3) Notwithstanding subsection (2), a person shall not, at the same time, be the holder of a licence under section 9 of the Act of 1971 and a person to whom a subsisting authorisation under this section relates.

(4) The Bank shall not refuse an authorisation without the consent of the Minister and unless it is satisfied that the authorisation would not be in the interest of the orderly and proper regulation of moneybroking or banking, and the Minister shall not grant his consent to the refusal unless he is satisfied that the authorisation would not be in the interest of the orderly and proper regulation of moneybroking or banking.

(5) Whenever the Bank proposes to refuse an authorisation to a person—

(a) it shall notify the person in writing that it intends to seek the consent of the Minister to the refusal and of its reasons for the refusal and that the person may, within 21 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed refusal,

(b) the person may make such representations in writing to the Minister within the time aforesaid, and

(c) the Minister shall, before deciding to give or withhold his consent, consider any representations duly made to him under this subsection in relation to the proposed refusal.

(6) An application for an authorisation shall be in such form and contain such particulars as the Bank may from time to time determine.

(7) The authorisation of a person under this section shall not constitute a warranty as to the solvency of the person to carry on a moneybroking business and the Bank shall not be liable in respect of any losses incurred through the insolvency or default of the person.