S.I. No. 127/1996 - Consumer Credit Act, 1995 (Section 2) Regulations, 1996

1. These Regulations may be cited as the

Consumer Credit Act, 1995

(Section 2) Regulations, 1996.

2. The definition of "credit institution" contained in

section 2

(1) of the

Consumer Credit Act, 1995

(No. 24 of 1995), shall include ICC Investment Bank Limited.

3. The definition of "mortgage lender" contained in

section 2

(1) of the

Consumer Credit Act, 1995

shall include—

(

a

) a person whose business includes the making of housing loans, provided that at least 50 per cent. by number of all business loans outstanding to him, in whole or in part, at any time comprises loans secured by mortgage of residential property, and

(

b

) a local authority (within the meaning of the

Local Government Act, 1941

).

GIVEN under my Official Seal, this 13th day of May, 1996.

RICHARD BRUTON,

Minister for Enterprise and Employment.

EXPLANATORY NOTE.

This Regulation supplements the definitions of "credit institutions" and "mortgage lender" in the

Consumer Credit Act, 1995

.

I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by

section 2

(1) of the

Consumer Credit Act, 1995

(No. 24 of 1995), and after consultation with the Minister for the Environment in relation to Regulation 3 of the following Regulations, hereby make the following Regulations