asked the Minister for Justice if he is aware of reports that some registered moneylenders have been charging excessive rates of interest; the checks carried out before money lending licences are issued and renewed; if he is satisfied with the efficiency of the present checks; and if he will make a statement on the matter.
Written Answers. - Control of Moneylenders.
480.
, Limerick East): As the law stands, a licensed moneylender cannot enforce an interest rate in excess of 39 per cent per annum. I am not aware of any report that some licensed moneylenders are charging or have charged in excess of this rate.
The provisions governing the issue and renewal of moneylenders licences are contained in the Moneylenders Act, 1933, and the Moneylenders Act Rules, 1933. I do not understand the reference to "checks carried out". The Deputy will see from a reading of the Act and Rules that an applicant for a licence must provide evidence on a wide range of matters relating to the application. I have no evidence that these provisions are inadequate.