Brian Lenihan Jnr (Dublin West, Fianna Fail)

The Senator's amendment seeks to change the current requirement under section 116 of the Consumer Credit Act that a mortgage intermediary secure a new authorisation each year. Such a change is already provided for in item 3 on page 189 of the Bill which was inserted on Report Stage in the Dáil on the proposal of the Minister. The amendment inserts a new section 7(a) into section 116 which gives the regulatory authority the discretion to issue an authorisation to a mortgage intermediary for longer than one year subject to compliance with additional conditions laid down by the authority.