Innovative law passed by Irish Parliament protects distressed mortgage owners

 

A new piece of legislation has been passed by the Oireachtas which protects distressed mortgage owners.  This has been possible thanks to the work of Dr. Padraic Kenna and his colleagues at the School of Law at the National University of Ireland, Galway.

 

The Bill was proposed over three years ago and has recently been passed into law. It gives a greater level of power to courts to examine proportionality, including the behaviour of the lender, but significantly the emphasis on what proposals have been made by the lender which would allow the household, including all dependants, to remain in the home.  This had never been explicitly set out in legislation in Ireland before and had not been a consideration of courts in these proceedings. It is now signed into law and will be commenced before the new court term in autumn.

 

You can read more about it on the website of the National University of Ireland, Galway. 

 

The Act is available to download here.