Vol. 504 No. 5
61 Mr. J. O'Keeffe asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has satisfied herself that there is full disclosure by those who are arranging mortgages for the purchase of houses and full transparency in relation to commissions paid in relation to these arrangements. [12287/99]
The Consumer Credit Act, 1995, which came into effect on 13 May 1996, requires that where a fee is payable by an applicant for a housing loan in respect of the making, accepting or administering of an application for a loan; the valuation of the security for the loan; legal services in connection with the loan; services provided by a mortgage agent, i.e. a mortgage lender, a mortgage intermediary, an insurer or an insurance intermediary in relation to the loan; or the non-acceptance of an offer or approval of a loan the mortgage agent must ensure that a statement of reasonable prominence that a fee is payable, and specifying the amount of the fee or how it is to be calculated and the circumstances in which it may be refunded, is attached to all information documents, application forms or approval letters for the loan.
The enforcement of this requirement is the responsibility of the Director of Consumer Affairs. I am assured by the director that any breaches of this requirement by mortgage agents will be vigorously followed up by her office.
