On behalf of the committee I welcome the Minister and her officials to discuss the Consumer Credit Bill, 1994.
We have to reach some agreement on the time we are going to sit. There is a Private Notice Question at 3.50 p.m. and I suggest we adjourn for the duration of that debate in the House and resume immediately afterwards. Is that agreed? Agreed. Some of our members will have to be in the House at that time.
I agree and I also offer my apologies in advance. I have a priority question coming up later in the House and I will be absent for that.
Is it ordinary Question Time?
I have arranged for Deputy McDowell to act as my substitute for Question Time, if that is acceptable to you, Chairman.
That is acceptable. It has been suggested to me that we should finish our business at 6 p.m. Is that agreed? Agreed. There are 121 sections to this Bill. There are 307 amendments so I ask members to speak directly to the amendment. Members may make as many interventions as they wish. If we could keep the Bill on track there will be ample opportunity to raise any point, as when any legislation is debated, and I ask for your co-operation. It is not my job to restrict the debate in any way and I hope you will co-operate with me in that regard. The object of the Consumer Credit Bill is to redress the imbalance in the relationship between lenders and borrowers. The Bill implements the EU Council Directive No. 87/102 of the EC of 22 December 1986, as amended by the Council Directive No. 90/88 of the EC of 22 February 1990, on the approximation of the laws, regulations and administrative provisions of the member states concerning consumer credit.
While the directives provide for a minimum level of consumer protection in the area of credit the opportunity has been taken in implementing them to introduce a wide range of innovations to reform Ireland's consumer credit law. The Bill covers advertising and credit, form of content of credit agreement, moneylending, pawnbroking, hire purchase and mortgages and extends the powers of the Director of Consumer Affairs, with few exceptions, so that all consumer credit arrangements come within the scope of the Bill.
The Director of Consumer Affairs is being empowered to police the Irish credit industry. He will license moneylenders and provide authorisations to credit and mortgage intermediaries. The Director may direct financial institutions to withdraw or modify advertisements where they are in breach of the legislation. He shall give information and advice to consumers, investigate the workings of the credit system and go to the High Court to stop breaches of the Bill. The Garda Síochána are also being given extensive powers to combat the practice of illegal moneylending. These, together with the financial penalties and terms of imprisonment contained in the Bill will reinforce the fight against this scourge of the disadvantaged in society.
Prior to the consideration of Committee Stage of this Bill it should be noted for the record that in addition to the Minister for Enterprise and Employment Deputies Bruton, Rabbitte and Quill have put down amendments.
