Moneylending – New Central Bank Regulations

Background

The Central Bank of Ireland (CBI) has introduced The Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Licensed Moneylenders) Regulations 2020 (the Regulations). The Regulations which are applicable to moneylenders strengthen protections for consumers.

Moneylending is the practice by which consumers are provided with credit under a "moneylending agreement" which is defined under the Consumer Credit Act 1995 (as amended) (the CCA) as 'a credit agreement into which a moneylender enters or offers to enter with a consumer in which one or more of the following apply:

• the agreement was concluded away from the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement;