asked the Minister for Industry and Commerce when it is proposed to update the conditions and regulations governing specially authorised loan societies.
Ceisteanna—Questions. Oral Answers. - Loan Societies.
20.
A number of proposals for amendment of the Friendly Societies Act, 1896, have been made by various interests and are being examined in my Department. As examination of these proposals is likely to be prolonged, I am considering the possibility of introducing earlier legislation related solely to specially authorised loan societies.
I am glad to hear that. Would the Minister accept that in the absence of the updating of the regulation governing these bodies borrowers are being forced into the web of much less scrupulous agencies and that there is an urgent need for this legislation?
I agree with the Deputy. He has asked many questions on this issue and pursued an important matter with pertinacity. I entirely agree with his point about the desirability of specially authorised loan societies and I will move on it in the very near future. I certainly do not want to have to wait until the comprehensive review takes place.