S.I. No. 167/1993 - Money-Lenders Act, 1900 (Section 6 (E)) Order, 1993.

S.I. No. 167 of 1993.

MONEY-LENDERS ACT, 1900 (SECTION 6 (E)) ORDER, 1993.

I, RUAIRÍ QUINN, Minister for Enterprise and Employment, in exercise of the powers conferred on me by sections 6 and 6A of the Money-lenders Act, 1900 (as amended by the Central Bank Act, 1989 (No. 16 of 1989) and the Industry and Commerce (Alteration of Name of Department and Title of Minister) Order, 1993 ( S.I. No. 195 of 1993 )), and as respects Article 2 (2) of this Order with the consent of the Minister for Finance, hereby order as follows:

1. This Order may be cited as the Money-lenders Act, 1990 (Section 6 (e)) Order, 1993.

2. (1) It is hereby declared that the Money-lenders Act, 1990 does not apply to the following classes of bodies corporate:

( a ) bodies corporate whose business consists wholly or mainly of the business of—

(i) lending money for use for the purposes of a business or profession;

(ii) lending money, at a nominal rate of the interest not exceeding 17 per cent per annum, for use for the purposes of the purchase or sale of goods, whether the loans are effected under hire-purchase or credit sale agreements or agreements or arrangements under which payment of the whole or part of the price of the goods is deferred or the goods are leased to the purchasers whether following a sale of the goods by the borrower to the lender or otherwise or under any similar agreement or arrangement;

(iii) lending money for use for the purposes of purchasing, developing or otherwise dealing with land whether or not the loan is secured on land or for some other purpose where the loan is secured on land whether with or without other security; or

(iv) lending money to employees of a body corporate for use for the purchase by the employees of shares in or assets of that body or for the repayment of loans used for such a purchase or for the repayment of loans used by former employees of a body corporate for the purchase of shares in or assets of that body;

( b ) bodies corporate—

(i) the business of which consists wholly or mainly of the business of lending money by any means in currencies other than the currency of the State to persons not ordinarily resident in the State, and

(ii) in respect of which applications (which have been neither acceded to nor refused) have been made to the Minister for Finance for the giving of certificates under section 39B (inserted by the Finance Act, 1987 (No. 10 of 1987)) of the Finance Act, 1980 (No. 14 of 1980);

( c ) bodies corporate—

(i) that are established by or under statute,

(ii) a majority of the shares in which are held by or on behalf of the Minister for Finance, and

(iii) that either carry on banking business (within the meaning of the Central Bank Act, 1971 (No. 24 of 1971), as amended by the Central Bank Act, 1989 (No. 16 of 1989)) or have as one of their objects the provision of short-term loans of money for use for the purposes of the business of industrial undertakings,

and subsidiaries (within the meaning of section 155 of the Companies Act, 1963 (No. 33 of 1963)) of such bodies corporate.

(2) Paragraph (1) (c) of this Article shall be deemed to have come into operation on the 1st day of September, 1971.

3. The Order of Exemption made on the 12th day of September, 1989 under section 6 of the Money-lenders Act, 1900, as amended, and the Money-lenders Act, 1900 (Section 6) (Exemptions) Order, 1992 ( S.I. No. 378 of 1992 ) are hereby revoked.

GIVEN under my Official Seal, this 14th day of May, 1993.

RUAIRÍ QUINN,

Minister for Enterprise and Employment.

The Minister for Finance hereby consents to the making of Article 2 (2) of the foregoing Order.

GIVEN under Official Seal of the Minister for Finance, this 24th day of June, 1993.

BERTIE AHERN,

Minister for Finance.