Clare Daly
Ceist:86. Deputy Clare Daly asked the Minister for Finance his plans to regulate or outlaw the practice of money lending. [47619/13]
Amharc ar fhreagraConsumer Protection
Ceisteanna (86)
Freagraí scríofa
I have no plans to introduce legislation to prohibit moneylenders from carrying on legitimate business. Moneylenders are governed by a number of legislative obligations and supervisory requirements. Moneylenders are required to hold a licence in accordance with the provisions of the Consumer Credit Act 1995 as amended. This licence is issued by the Central Bank and must be renewed annually. Moneylenders must also comply with the requirements of Statutory Instrument 281 of 2010 on the European Communities (Consumer Credit Agreements) Regulations 2010, and the Central Bank’s Consumer Protection Code for Licenced Moneylenders.
The Code sets out general principles with which a moneylender must comply. It also places requirements on moneylenders in relation to the provision of information to the consumer, preservation of a consumer's rights, unsolicited contact (cold calling), disclosure, errors, handling complaints, consumer records, unsolicited credit facilities, arrears and guarantees, debt collection and the contents and presentation of advertisements.
The Central Bank also monitors compliance with legislative and supervisory requirements by way of reviews, advertising monitoring, consumer intelligence and themed inspections.
Under Common Rule 3b of the Code, prior to entering into an agreement with a consumer, a moneylender must indicate prominently the high-cost nature of the loan on all loan documentation where the APR is 23% or higher. The disclosure must take the following form “Warning: this is a high-cost loan”. The Code also places some requirements on moneylenders in relation to advertising. A copy of the Code is available on the Central Bank’s website www.centralbank.ie.
Furthermore, the annual percentage rate allowable under moneylending licences is publically stated on the public register for moneylenders. This register is available on the Central Bank’s website.
While it should be noted that moneylender loans can be more expensive than other forms of credit, many of these loans are unique in nature. For example, they may be small value loans, over a short term and repayments may be collected at the consumer’s home.
The activities of illegal moneylenders are a matter for An Garda Síochána.
I would like to inform the Deputy that the Central Bank will tomorrow publish a “Report on the Licensed Moneylending Industry”. The report will be available on the Central Bank’s website.
Question No. 87 answered with Question No. 76.
Property Taxation Collection
Ceisteanna (88)
Michael Healy-Rae
Ceist:88. Deputy Michael Healy-Rae asked the Minister for Finance the person responsible for making the decision that the Revenue Commissioners have told almost 1 million home owners to pay their property tax bill for 2014 by 27 November 2013 if they are paying by credit card, debit card or cheque; and if he will make a statement on the matter. [47629/13]
Amharc ar fhreagraFreagraí scríofa
I note that similar questions concerning payment of the 2014 Local Property Tax (LPT) liability by credit card, debit card or cheque have been raised by a number of Deputies, including yourself, and I provided a detailed response and statement on this issue in my reply to Questions No. 143, 202, 214 to 216, inclusive, 229, 232, 239 and 259 [46491/13, 46815/13, 46879/13, 46881/13, 46999/13, 47059/13, 47101/13, 47110/13, and 47136/13] on 5 November 2013.
The filing date for LPT for 2014 provided for in the Finance (Local Property Tax) Act 2013, as amended, is 7 November. However, the Deputy may be aware that the Revenue Commissioners have extended today’s filing date for paper returns by one week to 14 November 2013.
I re-iterate that there is no requirement on any property owner to pay their LPT for 2014 before 1 January 2014 and, as I have informed the House previously, Revenue has provided a range of LPT payment options and property owners can choose the one that best suits their particular circumstances.
Questions Nos. 89 to 96, inclusive, answered with Question No. 76.