S.I. No. 127/1996:

CONSUMER CREDIT ACT, 1995 (SECTION 2) REGULATIONS, 1996

CONSUMER CREDIT ACT, 1995 (SECTION 2) REGULATIONS, 1996

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:

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 or 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 .