Amendment No. 57 is a substitute for amendment Nos. 57 and 58 on the white list of additional and substitute amendments circulated on 11 May 1994.
SECTION 8.
I move amendment No. 57.
In page 16, subsection (1), lines 10 and 11, to delete paragraph (b) and substitute the following:
"(ii) he holds a letter of recognition from each undertaking for which he is a credit intermediary.".
The amendment proposes the deletion of subsection 1 (b) and its substitution. Subsection 1 (a) states: "he is the holder of an authorisation (subsequently referred to in this section as an "authorisation") granted by the Director". The substituted paragraph states: "he holds a letter of recognition from each undertaking for which he is a credit intermediary."
I do not have a copy of the while list.
Amendment No. 57 is a substitute for amendments Nos. 57 and 58 which were circulated on the white list on 11 May 1994.
We are dealing with amendment No 57 on the list.
Yes, amendment No. 58 will not be moved.
Amendment 58 (b) states: "he is the holder of an authorisation as a mortgage intermediary under section 97." Concern was expressed that the requirement to issue intermediaries with a written appointment would make such intermediaries officers or employees of the creditor. I debated the matter at length with those who met me. The substitution of a letter of recognition does not lessen the protection afforded to the consumer in that the said credit intermediaries are fully bound by the provisions of the Bill.
Amendment agreed to.
Amendment No. 58 not moved.