Regulation of Moneylenders Bill 2013

Public bill · Private Member · Introduced

Stricter rules would be placed on licensed moneylenders, covering every loan they make, not just certain types. They would be barred from misleading or overly aggressive advertising, and would have to check whether borrowers can afford to repay, train staff to spot over-borrowing, and share loan information with other licensed lenders to stop people taking out several loans at once. For people who cannot repay because they are already in debt, the moneylender would have to freeze interest or offer a repayment plan, and breaches could be punished by the Central Bank.

Formal long title

Bill entitled an Act to provide for the further regulation of all moneylenders licenced by the Central Bank of Ireland on all loans given, irrespective of terms and conditions and to provide for related matters

Last updated 19 February 2020