Consumer Credit Act 1995


Number 24 of 1995


CONSUMER CREDIT ACT 1995

REVISED

Updated to 25 May 2018


This Revised Act is an administrative consolidation of the Consumer Credit Act 1995. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.

All Acts up to and including Data Protection Act 2018 (7/2018), enacted 24 May 2018, and all statutory instruments up to and including Data Protection Act 2018 (Establishment Day) Order 2018 (S.I. No. 175 of 2018), made 24 May 2018, were considered in the preparation of this Revised Act.

Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to

revisedacts@lawreform.ie.


Number 24 of 1995


CONSUMER CREDIT ACT 1995

REVISED

Updated to 25 May 2018


Introduction

This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.

Related legislation

This Act is not collectively cited with any other Act.

Annotations

This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.

An explanation of how to read annotations is available at

www.lawreform.ie/annotations.

Material not updated in this revision

Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.

Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.

A list of legislative changes to any Act, and to statutory instruments from 1986, may be found linked from the page of the Act or statutory instrument at

www.irishstatutebook.ie.

Acts which affect or previously affected this revision

Data Protection Act 2018 (7/2018)

Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015)

Competition and Consumer Protection Act 2014 (29/2014)

Central Bank (Supervision and Enforcement) Act 2013 (26/2013)

Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012)

Criminal Justice Act 2011 (22/2011)

Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010)

Central Bank Reform Act 2010 (23/2010)

Nursing Homes Support Scheme Act 2009 (15/2009)

Consumer Protection Act 2007 (19/2007)

Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005)

Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)

Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)

ACC Bank Act 2001 (12/2001)

ICC Bank Act 2000 (32/2000)

Electronic Commerce Act 2000 (27/2000)

Taxes Consolidation Act 1997 (39/1997)

Finance Act 1997 (22/1997)

Credit Union Act 1997 (15/1997)

Central Bank Act 1997 (8/1997)

All Acts up to and including Data Protection Act 2018 (7/2018), enacted 24 May 2018, were considered in the preparation of this revision.

Statutory instruments which affect or previously affected this revision

Consumer Credit Act 1995 (Section 2) Regulations 2016 (S.I. No. 325 of 2016)

European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016)

Criminal Justice (Forensic Evidence and DNA Database System) Act 2014 (Section 11) Order 2015 (S.I. No. 527 of 2015)

Consumer Credit Act 1995 (Section 2) Regulations 2015 (S.I. No. 352 of 2015)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2014 (S.I. No. 355 of 2014)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2010 (S.I. No. 551 of 2010)

European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008)

Consumer Credit Act, 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 751 of 2007)

Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 690 of 2007)

Consumer Credit Act, 1995 (Section 2) (No. 3) Regulations 2007 (S.I. No. 139 of 2007)

Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 2007 (S.I. No. 138 of 2007)

Consumer Credit Act, 1995 (Section 2) (No. 1) Regulations 2007 (S.I. No. 100 of 2007)

Consumer Credit Act, 1995 (Section 2) (No. 1) Regulations 2006 (S.I. No. 687 of 2006)

European Communities (Cooperation between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2006 (S.I. No. 290 of 2006)

Consumer Credit Act 1995 (Section 2) (Amendment) Regulations 2005 (S.I. No. 372 of 2005)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2005 (S.I. No. 371 of 2005)

Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2004 (S.I. No. 715 of 2004)

Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004)

Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 2004 (S.I. No. 414 of 2004)

Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2004 (S.I. 93 of 2004)

Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2002 (S.I. No. 339 of 2002)

European Communities (Cross Border Payments in Euro) Regulations 2002 (S.I. No. 335 of 2002)

Consumer Credit Act 1995 (Section 2) Regulations 2002 (S.I. No. 142 of 2002)

Consumer Credit Act, 1995 (Section 2) Regulations 2001 (S.I. No. 432 of 2001)

European Communities (Consumer Credit) Regulations 2000 (S.I. No. 294 of 2000)

Consumer Credit Act, 1995 (Section 2) Regulations 2000 (S.I. No. 113 of 2000)

Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 1999 (S.I. No. 392 of 1999)

Consumer Credit Act, 1995 (Section 2) Regulations 1999 (S.I. No. 15 of 1999)

Consumer Credit Act, 1995 (Section 3) Regulations 1997 (S.I. No. 186 of 1997)

Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 1996 (S.I. No. 369 fo 1996)

European Communities (Consumer Credit Act, 1995) (Amendment) Regulations 1996 (S.I. No. 277 of 1996)

Consumer Credit Act, 1995 (Section 120) Regulations 1996 (S.I. No. 247 of 1996)

Consumer Credit Act, 1995 (Section 60) (No. 2) Regulations 1996 (S.I. No. 246 of 1996)

Consumer Credit Act, 1995 (Section 28) Regulations 1996 (S.I. No. 245 of 1996)

Consumer Credit Act, 1995 (Section 129) Regulations 1996 (S.I. No. 132 of 1996)

Consumer Credit Act, 1995 (Section 86) Regulations 1996 (S.I. No. 131 of 1996)

Consumer Credit Act, 1995 (Section 60) Regulations 1996 (S.I. No. 130 of 1996)

Consumer Credit Act, 1995 (Section 37) Regulations 1996 (S.I. No. 129 of 1996)

Consumer Credit Act, 1995 (Section 36) Regulations, 1996 (S.I. No. 128 of 1996)

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

Consumer Credit Act, 1995 (Commencement) Order 1996 (S.I. No. 121 of 1996)

All statutory instruments up to and including Data Protection Act 2018 (Establishment Day) Order 2018 (S.I. No. 175 of 2018), made 24 May 2018, were considered in the preparation of this revision.


Number 24 of 1995


CONSUMER CREDIT ACT 1995

REVISED

Updated to 25 May 2018


ARRANGEMENT OF SECTIONS

PART I

Preliminary and General

Section

1.

Short title and commencement.

2.

Interpretation.

3.

Application.

4.

Functions of Director.

5.

Powers of Director in respect of investigations.

6.

Direction of Director in respect of statements and notices.

7.

Authorised officers.

8.

Prohibition on unauthorised disclosure of information.

PART IA

RESPONSIBILITIES AND POWERS OF DIRECTOR OF CONSUMER AFFAIRS

4.

Interpretation: Part IA.

5.

Functions of Director.

6.

Director to report and provide information to Minister.

7.

Powers of Director in respect of investigations.

8.

Directions of Director in respect of statements and notices.

8A.

Appointment of authorised officers for purposes of this Part.

8B.

Powers of authorised officers under this Part.

8C.

Issue of search warrants.

8D.

Obstruction of authorised officer when exercising powers.

8E.

Authorised officers may be accompanied by other persons when exercising powers.

8F.

Prohibition on unauthorised disclosure of information.

PART IB

Functions and Powers of Central Bank of Ireland

8G.

Interpretation: Part IB.

8H.

Functions of Bank under this Act.

8I.

Bank to provide information to Minister.

8J.

Bank to prepare annual report of its activities under this Act.

8K.

Powers of Bank in respect of investigations.

8L.

Directions of Bank in respect of statements and notices.

8M.

Appointment of authorised officers for purposes of this Part.

8N.

Powers of authorised officers.

8O.

Issue of search warrants.

8P.

Obstruction of authorised officer when exercising powers.

8Q.

Authorised officers may be accompanied by other persons when exercising powers.

PART IC

PROVISIONS APPLICABLE TO DIRECTOR AND BANK

9.

APR.

10.

Criteria for calculation of APR.

11.

Laying of regulations before Houses of Oireachtas.

12.

Offences.

13.

Penalties.

14.

Prosecution of offences.

15.

Cost of prosecution.

16.

Director and Bank to be immune from certain civil proceedings.

17.

Transitional provision.

18.

Expenses incurred in administering this Act.

19.

Repeals.

PART II

Advertising and Offering of Financial Accommodation

20.

Application of Part II .

21.

Credit advertisements.

22.

Advertising of financial accommodation related to goods or services.

23.

Advertising of consumer-hire agreements.

24.

Comparative advertising.

25.

Advertising of credit as being without charge.

26.

Advertising of financial accommodation to comply with this Part.

27.

Obligation on provider of financial accommodation to ensure advertisements comply with Part.

28.

Regulations relating to advertising availability and cost of credit.

PART III

Requirements Relating to Credit Agreements and Form and Contents thereof

29.

Application of Part III .

30.

General requirements relating to contents of credit agreements.

31.

Contents of credit agreements for cash loans.

32.

Requirements relating to credit-sale agreements.

33.

Avoidance of certain provisions in credit-sale agreements.

34.

Requirements relating to contents of contracts for services.

35.

Advances on current account.

36.

Notice of important information to be included in credit agreements.

37.

Regulations relating to form and content of credit agreements.

38.

Enforceability.

39.

Obligations on creditors to comply with Part III .

PART IV

Matters Arising During Currency of Agreements

40.

Assignment of creditor's or owner's rights.

41.

Use of bills of exchange, etc.

42.

Liability regarding goods and services.

43.

Duty to supply documents and information.

44.

Appropriation of payments.

45.

Restrictions on written communications.

46.

Visits and telephone calls.

47.

Excessive rates of charge for credit.

48.

Power of court to re-open credit agreement where charge is excessive.

49.

Making demands and threats in relation to unenforceable agreements.

50.

Cooling-off period.

PART V

Matters Arising on Termination of Agreements or on Default

51.

Application of Part V .

52.

Consumer entitle to discharge agreement early.

53.

Reduction where amount owed becomes payable before time fixed by agreement.

54.

Limitation on right of enforcement.

55.

Unjustified enrichment.

PART VI

Hire-Purchase Agreements

56.

Application of Part VI .

57.

Requirement to state cash price.

58.

Contents of hire-purchase agreements.

59.

Enforceability.

60.

Regulations relating to form and content of hire-purchase agreements.

61.

Obligation on owners to comply with sections 58 and 60 .

62.

Avoidance of certain provisions in hire-purchase agreements.

63.

Rights of hirer to determine hire-purchase agreement.

64.

Restriction on right of owner to recover possession of goods otherwise than by proceedings.

65.

Hire-purchase price.

66.

Powers of court in actions for recovery of possession of goods.

67.

Liability for failure to take reasonable care of goods.

68.

Liability of guarantor where goods are returned to the owner.

69.

Duty of hirer to give information as to whereabouts of goods.

70.

Sale by dealer of goods let to him under a hire-purchase agreement.

71.

Evidence of adverse detention in actions by owners to recover possession of the goods.

72.

Successive hire-purchase agreements between the same parties.

73.

Hirer's refusal to surrender goods not to be conversion in certain cases.

74.

Implied terms as to title.

75.

Letting by description.

76.

Implied undertakings as to quality or fitness.

77.

Samples.

78.

Statements purporting to restrict rights of hirer.

79.

Exclusion of implied terms and conditions.

80.

Liability of persons conducting negotiations antecedent to hire-purchase agreements.

81.

Application of sections 12 and 15 to 19 of Act of 1980 to hire-purchase agreements.

82.

Application of section 13 of Act of 1980 to hire-purchase of motor vehicles.

83.

Antecedent negotiations and representations.

PART VII

Consumer-Hire Agreements

84.

Contents of consumer-hire agreements.

85.

Enforceability.

86.

Regulations relating to form and content of consumer-hire agreements.

87.

Obligation on owners to comply with sections 84 and 86 .

88.

Application of sections 75 to 83 to consumer-hire agreements.

89.

Right of hirer to determine consumer-hire agreement.

90.

Hirer to take reasonable care of goods.

91.

Duty of hirer to give information as to whereabouts of goods.

PART VIII

Provisions Relating to Moneylending

92.

Application and interpretation of Part VIII .

93.

Moneylender's licence.

94.

Obligation on moneylender to display licence.

95.

“Moneylending agreement” to be stated in agreement.

96.

Moneylender's licence not to be altered or falsified.

97.

Moneylender to issue authorisation to persons engaging in moneylending on his behalf off business premises.

98.

Prohibition on engaging in business of moneylending without licence.

99.

Loan or other credit to be advanced in full.

100.

Repayment book.

101.

Records to be maintained by moneylender.

102.

Prohibition on charges for expenses on loans by moneylenders.

103.

Moneylending agreements which include a collection charge.

104.

Presumption.

105.

Powers of entry of Garda Síochána.

106.

Search warrants.

107.

Prohibition on possession of documents belonging to another person for moneylending.

108.

Obligation to produce to member of Garda Síochána moneylender's licence or authorisation.

109.

Powers of arrest.

110.

Prohibition on collecting repayments at certain times.

111.

Prohibition on selling goods while collecting repayments.

112.

Prohibition on increased charges for credit on default.

113.

Continuity of licences granted under Moneylenders Act, 1933.

114.

Certain persons not to be regarded as moneylenders.

PART IX

Housing Loans Made by Mortgage Lenders

115.

Application of, definitions, Part IX .

116.

Mortgage intermediaries.

116A.

Non-application of section 116 and deemed application of certain provisions.

117.

Obligation to display copy of mortgage intermediaries authorisation.

118.

Mortgage intermediaries authorisation not to be altered or falsified.

119.

Amendment of mortgage intermediaries authorisation.

120.

Certain persons not to be regarded as mortgage intermediaries.

121.

Redemption of housing loans.

122.

Criteria for calculation of APR in relation to housing loans.

123.

Valuation reports.

124.

Insurance of mortgaged property.

125.

Costs of legal investigation of title.

126.

Mortgage protection insurance.

127.

Prohibition on linking of services.

128.

Warning on loss of home.

129.

Notice of important information to be included in a housing loan agreement.

130.

Duties of mortgage lender to supply documents and information.

131.

Disclosure of charges, agency introduction fees, commissions and expenses.

132.

Disclosure of other fees.

133.

Endowment loans.

134.

Disclosure of interest rate and penalties to be applied to arrears on housing loans.

135.

Advertising of housing loans.

136.

Protection of borrower on a winding-up.

PART X

Miscellaneous

137.

Regulations relating to display of information.

138.

Restrictions as to use of inertia selling provisions in agreements.

139.

Circulars to minors.

140.

Prohibition on exclusion of obligations or rights in agreements.

141.

Statements purporting to exclude or restrict liabilities or rights.

142.

Duty to disclose information concerning financial standing of consumer.

143.

Correction of incorrect information.

PART XI

Credit Intermediaries

144.

Credit intermediaries.

145.

Obligation to display copy of credit intermediaries authorisation.

146.

Prohibition on alteration or falsification of credit intermediaries authorisation.

147.

Amendment of credit intermediaries authorisation.

148.

Nature of “finance arranged” to be explained to consumer.

PART XII

Obligation on Credit Institutions to Notify Director of all Customer Charges

149.

Customer charges, etc., by credit institutions that are subject to regulation by the Bank.

149A.

Customer charges, etc. payable by persons authorised to carry on business of a bureau de change.

150.

Disclosure of information by Director.

PART XIII

Moneylenders, Credit and Mortgage Intermediaries Registers

151.

Credit intermediaries register.

151A.

Register of moneylenders and mortgage intermediaries.

151B.

Certified copy of register to be admissible in evidence.

PART XIV

Amendment of Sale of Goods and Supply of Services Act, 1980

152.

Amendment of Act of 1980.

PART XV

Amendment of Pawnbrokers Act, 1964

153.

Licensing of pawnbrokers.

154.

Amendment of Pawnbrokers Act, 1964.

155.

Continuity of licences granted by Revenue Commissioners.

PART XVI

Amendment of Consumer Information Act, 1978

156.

Amendment of section 9 of Consumer Information Act, 1978.

FIRST SCHEDULE

SECOND SCHEDULE

THIRD SCHEDULE

FOURTH SCHEDULE

FIFTH SCHEDULE

SIXTH SCHEDULE

SEVENTH SCHEDULE

EIGHTH SCHEDULE


Number 24 of 1995


CONSUMER CREDIT ACT 1995

REVISED

Updated to 25 May 2018


AN ACT TO REVISE AND EXTEND THE LAW RELATING TO CONSUMER CREDIT, HIRE-PURCHASE, HIRING AND MONEYLENDING AND TO ENABLE EFFECT TO BE GIVEN TO COUNCIL DIRECTIVE NO. 87/102/EEC OF 22 DECEMBER, 1986, AS AMENDED BY COUNCIL DIRECTIVE NO. 90/88/EEC OF 22 FEBRUARY, 1990, AND FOR THOSE PURPOSES TO REPEAL THE HIRE-PURCHASE ACTS, 1946 TO 1980, AND THE MONEYLENDERS ACTS, 1900 TO 1989, AND TO REPEAL AND AMEND CERTAIN PROVISIONS OF THE SALE OF GOODS AND SUPPLY OF SERVICES ACT, 1980, TO PROVIDE THAT THE DIRECTOR OF CONSUMER AFFAIRS SHALL MONITOR ALL CUSTOMER CHARGES BY CREDIT INSTITUTIONS AND FOR THAT PURPOSE TO REPEAL SECTION 28 OF THE CENTRAL BANK ACT, 1989, TO PROVIDE FOR THE AMENDMENT AND EXTENSION OF THE PAWNBROKERS ACT, 1964, TO PROVIDE FOR THE AMENDMENT OF SECTION 9 OF THE CONSUMER INFORMATION ACT, 1978, AND TO PROVIDE FOR CONNECTED MATTERS. [31 st July, 1995]

BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

Annotations:

Modifications (not altering text):

C1

Functions of National Consumer Agency re-transferred and references construed (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 39, S.I. No. 366 of 2014. Functions were previously transferred from Director of Consumer Affairs to National Consumer Agency, see E-note below.

Transfer of functions to Commission

39. (1) All functions that, immediately before the establishment day, were vested in the dissolved bodies are transferred to the Commission.

(2) References in any Act of the Oireachtas passed before the establishment day or in any instrument made before that day under an Act of the Oireachtas to—

(a) the National Consumer Agency, or

...

shall, on and after that day, be construed as references to the Commission.

(3) A reference in any Act of the Oireachtas passed before the establishment day or in any instrument made before that day under an Act of the Oireachtas to the chief executive of the National Consumer Agency shall, on and after that day, be construed as a reference to the chairperson of the Commission.

C2

Application of Act restricted (1.10.1997) by Credit Union Act 1997 (15/1997), s. 184(c), S.I. No. 403 of 1997, as substituted (1.08.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 34, S.I. No. 280 of 2013.

Certain enactments not to apply to credit unions etc.

[184.— The following enactments, namely— ...

( c) the Consumer Credit Act 1995,

shall not apply to a credit union or to a body the members of which are credit unions and the principal objects of which are the promotion of the credit union movement and the provision of services to credit unions. ]

Editorial Notes:

E1

Offences under Act excluded from application of Criminal Justice (Forensic Evidence and DNA Database System) Act 2014 (11/2014), s. 11 (20.11.2015) by Criminal Justice (Forensic Evidence and DNA Database System) Act 2014 (Section 11) Order 2015 (S.I. No. 527 of 2015), arts. 3, 4 and sch., in effect as per art. 1(2).

E2

Exemption of Act from application of Electronic Commerce Act 2000 by Electronic Commerce Act 2000 (27/2000), s. 11 removed (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 89, S.I. No. 287 of 2013.

E3

Competent authorities designated for purpose of Act (30.05.2006) by European Communities (Cooperation between National Authorities Responsible for the Enforcement of Consumer Protection Laws) Regulations 2006 (S.I. No. 290 of 2006), reg. 4(1) and sch. ref. no. 3.

E4

Act included in definition of designated enactments for purposes of Central Bank Act 1942 (22/1942), s. 2(1) and sch. 2 pt. 1 item 22, as substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 31, S.I. No. 160 of 2003, and as subsequently substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 item 82, S.I. No. 469 of 2010.

E5

Previous affecting provision: functions of Director of Consumer Affairs transferred and references construed (1.05.2007) by Consumer Protection Act (19/2007), ss. 2, 37 and sch. 1 part 1, S.I. No. 178 of 2007; repealed (31.10.2014) by Competition and Consumer Protection Act 2014 (29/2014), s. 7(2), S.I. No. 366 of 2014.

E6

Previous affecting provision: functions of Central Bank transferred and references construed by Central Bank Act (22/1942), s. 33C(1) and sch. 2, as inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003; substituted and deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 part 1 item 39, S.I. No. 469 of 2010.