Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I move amendment No. 1:

In page 3, between lines 7 and 8, to insert the following: “Amendment of section 93 of Consumer Credit Act 1995

1. Section 93 of the Consumer Credit Act 1995 is amended, in subsection (10), by the substitution of the following paragraph for paragraph (g):

“(g) in the Bank’s opinion, the cost of credit is usurious, excessively high or any of the terms or conditions attaching thereto are unfair, or”.

Amendment No. 1 is a definitional amendment. It amends the definition by which the Central Bank may refuse to grant a moneylender's licence under subsection 10(g) of section 93 from the existing text, which is: "the cost of credit to be charged is excessive or any of the terms or conditions attaching thereto are unfair" to the new text that this amendment proposes: "the cost of credit is usurious, excessively high or any of the terms or conditions attaching thereto are unfair".