Consumer Credit Act, 1995

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Mortgage intermediaries.

116.—(1) A person shall not engage in the business of being a mortgage intermediary unless—

(a) he is the holder of an authorisation (“a mortgage intermediaries authorisation”) granted for that purpose by the Director, and

(b) he holds an appointment in writing from each undertaking for which he is an intermediary.

(2) A holder of an authorisation shall only engage in the business of being a mortgage intermediary in the name specified in the holder's authorisation.

(3) An application for an authorisation shall be in writing and in such form as the Director may determine and shall contain—

(a) the true name of the applicant,

(b) the name under which the applicant trades,

(c) the name of any undertaking for which the applicant acts or intends to act as a mortgage intermediary,

(d) the address of any business premises of the applicant to which the application relates, and

(e) such other information that the Director may require.

(4) An application for an authorisation shall be accompanied by a fee of—

(a) £500 in the case of a company or a partnership, or

(b) £250 in the case of a sole trader.

(5) Any of the fees referred to in subsection (4) may by regulations be varied.

(6) A person shall not wilfully give any information which is false or misleading in respect of an application for an authorisation.

(7) An authorisation shall be valid for the period of 12 months commencing on the date specified therein and shall expire at the end of that period.

(8) An authorisation shall state—

(a) the true name of the holder,

(b) the name under which the holder is authorised to engage in the business of being a mortgage intermediary,

(c) the address of the business premises of the holder, and

(d) the name of any undertaking for which the holder acts as a mortgage intermediary.

(9) The Director may refuse to grant an authorisation on one or more of the following grounds, namely, that:

(a) the applicant does not satisfy the condition specified in subsection (1) (b),

(b) the applicant or any business with which he was connected was, during the previous 5 years, convicted of a criminal offence,

(c) the applicant is the holder of—

(i) a bookmaker's licence issued under the Betting Act, 1931 ,

(ii) a licence for the sale of intoxicating liquor granted under the Licensing Acts, 1833 to 1994,

(iii) a gaming licence issued under the Gaming and Lotteries Act, 1956 ,

(iv) a pawnbroker's licence granted under the Pawnbrokers Act, 1964 , as amended by this Act, or

(v) a moneylender's licence,

(d) the applicant has failed to provide a current Revenue tax clearance certificate in respect of himself or his business,

(e) the applicant is not or is no longer, in the opinion of the Director, a fit and proper person to carry on the business of mortgage intermediary, or

(f) the applicant has failed to comply with regulations made under subsection (10).

(10) Regulations may provide that the holder of an authorisation shall not act or hold himself out to be a mortgage intermediary unless he effects a policy of professional indemnity insurance in a specified form, indemnifying him to such sum, in such manner, in respect of such matters and valid for such minimum period as the Minister may prescribe.

(11) The Director may suspend or revoke an authorisation if he is satisfied that since becoming the holder of an authorisation, a mortgage intermediary or any business with which he is connected has been convicted of a criminal offence or a mortgage intermediary has become the holder of a licence referred to in subsection (9) (c) or has failed to comply with any regulations made under subsection (10).

(12) Whenever the Director proposes to refuse to grant, suspend or revoke an authorisation he shall notify the applicant or the holder of the authorisation, as the case may be, of his proposal and shall, if any representations are made to him in writing by such applicant or holder within 14 days of the notification, consider the representations.

(13) Whenever the Director, having considered any representations that may have been made under subsection (12), decides to refuse to grant, suspend or revoke an authorisation, he shall notify the applicant for, or as the case may be, the holder of, the authorisation of the decision and the grounds for such decision and such applicant or holder may, within 7 days of receipt of such notification, appeal against such decision to the judge of the Circuit Court within whose Circuit the business to which the authorisation relates is to be carried on.

(14) A notification referred to in subsection (12) or (13) shall be delivered personally or sent by pre-paid registered post to the business address of the applicant for an authorisation or the holder of the authorisation concerned, as the case may be.

(15) Where a notification under subsection (12) or (13) relates to a refusal to grant a second or subsequent authorisation or a suspension or revocation of an authorisation, the refusal, suspension or revocation shall take effect upon the expiration of the 7 days allowed for the appeal.

(16) Where an appeal is made under subsection (13) by an applicant for a second or subsequent authorisation in respect of a refusal to grant such authorisation or by a holder of an authorisation in respect of a suspension or revocation of an authorisation, the refusal, suspension or revocation shall stand suspended until the appeal is determined or withdrawn and, notwithstanding subsection (7), any authorisation held by the applicant at the time of the appeal shall continue in force until the determination or withdrawal of the appeal.

(17) On the hearing of an appeal under subsection (13) in relation to a decision of the Director to refuse to grant, suspend or revoke an authorisation, the Circuit Court may either confirm the decision or allow the appeal and, where an appeal is allowed, the Director shall grant the authorisation or shall not suspend or revoke the authorisation, as the case may be.

(18) A decision of the Circuit Court on an appeal under subsection (13) shall be final save that, by leave of that Court, an appeal from the decision shall lie to the High Court on a specified question of law.

(19) In an appeal under subsection (13) the Director shall not be awarded or ordered to pay costs.

(20) In this section “authorisation” means a mortgage intermediaries authorisation.