Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

This section amends the interpretation section of the original 1995 Act and substitutes a number of the terms to differentiate between licensed and unlicensed moneylenders, but no changes have been made to the advertising provisions under the Consumer Credit Act, despite the fact that during the engagement with stakeholders and public consultation, there were calls for greater regulation of advertising, particularly leaflet drops by moneylenders. The Minister of State will be familiar with the practice that moneylenders use. I use the word "prey" to describe what they do to vulnerable people at times of financial pressure, including in the run-up to Christmas and at this time of year as parents prepare children for communion and confirmations. There is no prohibition on promoting new loans when customers are nearing their final payments. Why were no further restrictions on advertising put in place when the Minister of State was considering this legislation?