Dáil Éireann Debate, Wednesday - 15 February 2017
113. Deputy Michael McGrath asked the Minister for Finance if there are limits on the amount of cash that a licensed moneylending agent can have in their possession or in their vehicle in the course of their work; if there are any security concerns arising therefrom; and if he will make a statement on the matter. [7518/17]
View answerAnyone wishing to engage in the business of moneylending requires a licence from the Central Bank in accordance with the Consumer Credit Act 1995. Consumers of licensed moneylenders are protected by a range of provisions to which moneylenders must adhere, including but not limited to, the Consumer Protection Code for Licensed Moneylenders (Moneylenders Code), the European Communities (Consumer Credit Agreements Regulations) 2010 and the Consumer Credit Act 1995.
However, the relevant legislation does not prescribe any limits on the amount of cash that a licensed moneylending agent can have in their possession or in their vehicle in the course of their work. Any such limits and any resulting security concerns arising are a matter for the licensed moneylender to consider.
