Michael McGrath (Cork South Central, Fianna Fail)
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111. To ask the Minister for Finance if there is a limit of the number of live loans that a customer can have with an individual licensed moneylender at any point in time; and if he will make a statement on the matter. [7516/17]

Michael McGrath (Cork South Central, Fianna Fail)
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112. To ask the Minister for Finance if there are rules regarding the loan limit that a selling agent can decide upon during a face to face meeting with a customer with regard to licensed moneylending here; the process of underwriting that must apply; and if he will make a statement on the matter. [7517/17]

Michael McGrath (Cork South Central, Fianna Fail)
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115. To ask the Minister for Finance the amount currently owed to licensed moneylenders here; the number of customers that are in debt to these moneylenders; and if he will make a statement on the matter. [7520/17]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 111, 112 and 115 together.

Anyone wishing to engage in the business of moneylending requires a licence from the Central Bank in accordance with the Consumer Credit Act 1995. Consumers of licensed moneylenders are protected by a range of provisions to which moneylenders must adhere, including but not limited to, the Consumer Protection Code for Licensed Moneylenders (Moneylenders Code), the European Communities (Consumer Credit Agreements Regulations) 2010 and the Consumer Credit Act 1995.

There are currently 39 moneylenders licensed under Section 93 of the Consumer Credit Act 1995 sector. The 2013 Report on the Licensed Moneylending Industry published by the Central Bank showed that there were around 360,000 customers of licensed moneylenders with outstanding loan amounts in the region of €200 million at that time. I understand that it is the intention of the Central Bank to prioritise a review of the Moneylenders Code with a view to issuing a consultation paper on this in Q4 2017.

The legislation does not prescribe a limit in respect of the number of loans a consumer can have with an individual licensed moneylender at any point in time. Before entering into a loan a licensed moneylender has a statutory duty under Regulation 11 of the European Communities (Consumer Credit Agreements Regulations) 2010 to assess the creditworthiness of a consumer, using sufficient information. In addition, the Moneylenders Code sets out a range of provisions in respect of a licensed moneylender's engagement with its consumers. For example, the Moneylenders Code requires a licensed moneylender (a) to act fairly, with due skill and care, in the best interests of its consumers, (b) to disclose the high cost nature of loans by way of a prescribed "Warning" statement and (c) not to offer unsolicited pre-approved credit facilities. The Moneylenders Code also sets out requirements in respect of how complaints should be handled and requires licensed moneylenders to notify consumers of their right to refer unresolved complaints to and provide the contact details of the Financial Services Ombudsman.

Michael McGrath (Cork South Central, Fianna Fail)
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113. To ask the Minister for Finance if there are limits on the amount of cash that a licensed moneylending agent can have in their possession or in their vehicle in the course of their work; if there are any security concerns arising therefrom; and if he will make a statement on the matter. [7518/17]

Michael Noonan (Limerick City, Fine Gael)
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Anyone wishing to engage in the business of moneylending requires a licence from the Central Bank in accordance with the Consumer Credit Act 1995. Consumers of licensed moneylenders are protected by a range of provisions to which moneylenders must adhere, including but not limited to, the Consumer Protection Code for Licensed Moneylenders (Moneylenders Code), the European Communities (Consumer Credit Agreements Regulations) 2010 and the Consumer Credit Act 1995.

However, the relevant legislation does not prescribe any limits on the amount of cash that a licensed moneylending agent can have in their possession or in their vehicle in the course of their work. Any such limits and any resulting security concerns arising are a matter for the licensed moneylender to consider. 

Michael McGrath (Cork South Central, Fianna Fail)
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114. To ask the Minister for Finance if the agents that meet with the customers at their home are generally employed by the moneylender or are self-employed with regard to licensed moneylending here; and if he will make a statement on the matter. [7519/17]

Michael Noonan (Limerick City, Fine Gael)
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The legislation provides that a moneylender can appoint agents to act on its behalf under Section 97(1) of the Consumer Credit Act, 1995 (CCA). However, the licensed moneylender is responsible for ensuring its ongoing compliance with the Consumer Protection Code for Licensed Moneylenders, the European Communities (Consumer Credit Regulations) 2010 and the CCA.  

The Central Bank is aware that some licensed moneylenders engage both employed persons and self-employed persons/agents to provide moneylending services on their behalf. Pursuant to the Central Bank's Fitness & Probity Regime all licensed moneylenders are responsible for ensuring that individuals performing Controlled Functions (CFs) meet the Fitness & Probity Standards, both prior to appointment and on an ongoing basis.