New legislation to regulate sub-prime lending in Ireland came into effect today.
Under the terms of the legislation, sub-prime lenders now have three months to apply to the Financial Regulator for authority to operate.
Mary O'Dea has said lenders will be subject to inspection and where the Regulator finds serious and significant breaches, it has the power to take sanctions.
The sanctions include the issuing of directions to a firm to financial penalties of €5m.
