S.I. No. 247/1996:

CONSUMER CREDIT ACT, 1995 (SECTION 120) REGULATIONS, 1996.

CONSUMER CREDIT ACT, 1995 (SECTION 120) REGULATIONS, 1996.

I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by Section 120 of the Consumer Credit Act, 1995 (No. 24 of 1995), hereby making the following Regulations:

1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 120) Regulations, 1996.

2. In these Regulations "tied mortgage branch agent" means a person (an "agent") who enters into a written agreement with a mortgage lender (a "contracting mortgage lender") under which --

(a) the agent undertakes that in the course of his business the agent--

(i) will not arrange or offer to arrange or be involved in the provision of a housing loan by a mortgage lender other than the contracting mortgage lender,

(ii) will not permit any premises which he uses in the course of arranging or offering to arrange the provision of housing loans to be so used for the purposes of arranging or offering to arrange the provision of a housing loan by a mortgage lender other than the contracting mortgage lender,

(iii) will state on his letter headings and business forms which are used for the purposes of arranging or offering to arrange the provision of a housing loan by the contracting mortgage lender that he acts solely on behalf of the contracting mortgage lender, and

(iv) will not deal with any housing loans that are referred to him by a mortgage intermediary,

(b) the contracting mortgage lender is responsible for any act or omission of the agent in respect of any matter pertaining to a housing loan offered or made by the contracting mortgage lender, as if the agent was an employee of the contracting mortgage lender, and

(c) the name of the contracting mortgage lender is conspicuously displayed (both externally and internally) on any premises used by the agent for the purposes of arranging or offering to arrange the provision of a housing loan by the contracting mortgage lender.

3. A tied mortgage branch agent shall not be regarded, for the purposes of Part IX of the Consumer Credit Act, 1995 (No. 24 of 1995), as being a mortgage intermediary.

GIVEN under my Official Seal, this 8th day of August, 1996.

RICHARD BRUTON

Minister for Enterprise and Employment.

EXPLANATORY NOTE.

These Regulations exclude tied mortgage branch agents from being regarded, for the purposes of Part IX of the Consumer Credit Act, as mortgage intermediaries.