Consumer Credit Act 1995

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Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked.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.

PART I

Preliminary and General

Short title and commencement.

1

1. (1) This Act may be cited as the Consumer Credit Act, 1995.

(2) This Act shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes and different provisions.

Annotations:

Editorial Notes:

E7

Power pursuant to subs. (2) exercised (13.05.1996) by Consumer Credit Act, 1995 (Commencement) Order 1996 (S.I. No. 121 of 1996).

2. The 13th day of May, 1996, is hereby appointed as the day on which the Consumer Credit Act, 1995 (No. 24 of 1995), other than section 54 (3) thereof, shall come into operation.

Interpretation.

2

2. (1) In this Act, unless the context otherwise requires—

the Act of 1980” means the Sale of Goods and Supply of Services Act, 1980;

advertisement” includes every form of advertising, whether in a publication, by television or radio, by display of notices, signs, labels, showcards or goods, by distribution of samples, circulars, catalogues, price lists or other material, by exhibition of pictures, models or films, or in any other way, and references to the publishing of advertisements shall be construed accordingly;

agreement” means an agreement to which this Act applies;

APR” means the annual percentage rate of charge, being the total cost of credit to the consumer, expressed as an annual percentage of the amount of credit granted and calculated in accordance with section 9 ;

F1 [ ]

F1 [ ]

F2 [ Bank means the Central Bank F3 [ ] ; ]

borrower” means a consumer acting as a borrower;

F4 [ business includes trade and profession; ]

business name” means the name or style under which any business is carried on;

buyer” means a consumer acting as a buyer;

cash” includes money in any form;

cash price” means the money consideration for a transaction for the purchase of goods or the supply of a service by a consumer which is not financed by credit;

F1 [ ]

collecting repayments” means, in respect of a moneylending agreement, the collection of repayments in respect of the agreement at a place other than a business premises of the moneylender;

company” means—

( a) a company within the meaning of the Companies Acts, 1963 to 1990, or

( b) a body established under the laws of a state other than the State and corresponding to a body referred to in paragraph (a);

F5 [ consumer means

( a ) a natural person acting outside the person's business, or

( b ) any person, or person of a class, declared to be a consumer in an order made under subsection (9); ]

consumer-hire agreement” means an agreement of more than three months duration for the bailment of goods to a hirer under which the property in the goods remains with the owner;

contract of guarantee” means, in relation to any agreement, a contract, made at the request express or implied of the consumer, to guarantee the performance of the consumer's obligations under the agreement, and the expression “ guarantor” shall be construed accordingly;

cooling-off period” has the meaning assigned to it by section 50 ;

the Council Directive” means Council Directive No. 87/102/EEC of 22 December 1986(1), for the approximation of the laws, regulations and administrative provisions of the Member States of the European Communities concerning consumer credit, F6 [ as amended by Council Directive No. 90/88/EEC of 22 February 1990 (2) and Directive 98/7/EC of the European Parliament and of the Council of 16 February 1998 (3) , the texts of which are set out for convenience of reference F6 [ in Parts I, II and III , respectively, of the First Schedule ; ]

credit” includes a deferred payment, cash loan F7 [ or other similar financial accommodation ];

credit agreement” means an agreement whereby a creditor grants or promises to grant to a consumer a credit in the form of a deferred payment, a cash loan or other similar financial accommodation;

credit card” means a card issued by a credit institution or other person to an individual by means of which goods, services or cash may be obtained by the individual on credit and amounts in respect of the goods, services or cash may be charged to the credit card account of the individual maintained by the credit institution or other person;

credit institution” means—

( a) the holder of a licence granted under section 9 of the Central Bank Act, 1971,

( b) a body licensed to carry on banking under regulations made under the European Communities Act, 1972,

( c) a building society incorporated or deemed to be incorporated under section 10 of the Building Societies Act, 1989,

( d) a society licensed to carry on the business of a trustee savings bank under section 10 of the Trustee Savings Banks Act, 1989,

F2 [ ( e ) such person or class of persons as may be prescribed by the Bank for the purposes of this Act; ]

( e) F8 [ ]

( f) F9 [ ]

( g) F1 [ ]

credit intermediary” means a person, other than a credit institution or a mortgage lender, who in the course of his business arranges or offers to arrange for a consumer the provision of credit or the letting of goods in return for a commission, payment or consideration of any kind from the provider of the credit or the owner, as the case may be;

credit intermediaries authorisation” means an authorisation granted under section 144 ;

credit-sale agreement” means a credit agreement for the sale of goods under which the purchase price or part of it is payable in instalments and the property in the goods passes to the buyer immediately upon the making of the agreement;

creditor” means a person who grants credit under a credit agreement in the course of his trade, business or profession, and includes a group of such persons;

the Director” means the Director of Consumer Affairs;

financial accommodation” includes credit and the letting of goods;

functions” includes powers and duties;

hirer” means a consumer who takes, intends to take or has taken goods from an owner under a hire-purchase agreement or a consumer-hire agreement in return for periodical payments;

hire-purchase agreement” means an agreement for the bailment of goods under which the hirer may buy the goods or under which the property in the goods will, if the terms of the agreement are complied with, pass to the hirer in return for periodical payments; and where by virtue of two or more agreements, none of which by itself constitutes a hire-purchase agreement, there is a bailment of goods and either the hirer may buy the goods, or the property therein will, if the terms of the agreements are complied with, pass to the hirer, the agreements shall be treated for the purpose of this Act as a single agreement made at the time when the last agreement was made;

house” includes any building or part of a building used or suitable for use as a dwelling and any outoffice, yard, garden or other land appurtenant thereto or usually enjoyed therewith;

F5 [ housing loan means

( a ) an agreement for the provision of credit to a person on the security of a mortgage of a freehold or leasehold estate or interest in land

(i) for the purpose of enabling the person to have a house constructed on the land as the principal residence of that person or that person's dependants, or

(ii) for the purpose of enabling the person to improve a house that is already used as the principal residence of that person or that person's dependants, or

(iii) for the purpose of enabling the person to buy a house that is already constructed on the land for use as the principal residence of that person or that person's dependants,

or

( b ) an agreement for refinancing credit provided to a person for a purpose specified in paragraph ( a )(i), (ii) or (iii), or

( c ) an agreement for the provision of credit to a person on the security of a mortgage of a freehold or leasehold estate or interest in land on which a house is constructed where the house is to be used, or to continue to be used, as the principal residence of the person or the person's dependants, or

( d ) an agreement for the provision of credit to a person on the security of a mortgage of a freehold or leasehold estate or interest in land on which a house is, or is to be, constructed where the person to whom the credit is provided is a consumer; ]

installation charge” means the charge for—

( a) the installing of any electric line or any gas or water pipe,

( b) the fixing of goods to which the agreement relates to the premises where they are to be used, and the alteration of premises to enable any such goods to be used thereon, and

( c) where it is reasonably necessary that any such goods should be constructed or erected on the premises where they are to be used, any work carried out for the purpose of such construction or erection;

F2 [ local authority means a local authority for the purposes of the Local Government Act 2001 ; ]

F1 [ ]

moneylender” means a person who carries on the business of moneylending, or who advertises or announces himself or holds himself out in any way as carrying on that business; but does not include—

( a) any pawnbroker in respect of business carried on by him in accordance with the provisions of the Pawnbrokers Act, 1964 (as amended by Part XV ),

( b) a society which is registered as a credit union under the Industrial and Provident Societies Acts, 1893 to 1978, by virtue of the Credit Union Act, 1966,

( c) a registered society within the meaning of the Friendly Societies Acts, 1896 to 1977,

( d) a credit institution,

( e) a person who supplies money for the purchase, sale or hire of goods at an APR which is less than 23 per cent. (or such other rate as may be prescribed),

( f) a mortgage lender;

moneylender’s licence” means a licence granted under section 93 ;

moneylending” means credit supplied by a moneylender to a consumer on foot of a moneylending agreement;

moneylending agreement” means a credit agreement into which a moneylender enters, or offers to enter, with a consumer in which one or more of the following apply:

( a) the agreement was concluded away from the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement,

( b) any negotiations for, or in relation to the credit were conducted at a place other than the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement,

( c) repayments under the agreement will, or may, be paid by the consumer to the moneylender or his representative at any place other than the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement, or

( d) where the total cost of credit to the consumer under the agreement is in excess of an APR of 23 per cent., or such other rate as may be prescribed;

mortgage” includes charge;

F5 [ mortgage lender means a person who carries on a business that consists of or includes making housing loans; ]

F10 [ mortgage intermediary means a person (other than a mortgage lender or credit institution) who, in return for commission or some other form of consideration

( a ) arranges, or offers to arrange, for a mortgage lender to provide a consumer with a housing loan, or

( b ) introduces a consumer to an intermediary who arranges, or offers to arrange, for a mortgage lender to provide the consumer with such a loan; ]

motor vehicle” means a vehicle intended or adapted for propulsion by mechanical means;

owner” means the person who lets or has let goods to a hirer under a hire-purchase agreement or a consumer-hire agreement;

partnership” has the meaning assigned to it by the Partnership Act, 1890;

F2 [ pawnbroker means the holder of a licence granted under section 8 of the Pawnbrokers Act 1964 ; ]

premises” includes any building, dwelling, temporary construction, vehicle, ship or aircraft;

prescribed” means prescribed by regulations F11 [ made under this Act ] and “ prescribe” shall be construed accordingly;

record” means any book, document or any other written or printed material in any form including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form;

F3 [ ]

F1 [ ]

running account” means a facility under a credit agreement whereby the consumer is enabled to receive, from time to time, from the creditor or a third party, cash, goods or services to an amount or value such that, taking into account payments made by or to the credit of the consumer, the credit limit (if any) is not at any time exceeded;

total cost of credit” means the total cost of the credit to the consumer being all the costs, comprising interest, collection and all other charges, which the consumer has to pay for the credit exclusive of any sum payable as a penalty or as compensation or damages for breach of the agreement;

undertaking” means a company, partnership or any other person.

(2) In this Act a reference to a borrower, buyer, consumer, creditor, hirer, owner or seller includes a person to whom the borrower's, buyer's, consumer's, creditor's, hirer's, owner's or seller's rights or liabilities, as the case may be, under an agreement have passed by assignment or operation of law.

(3) In this Act a reference to a section, Part or Schedule, is a reference to a section or Part of, or Schedule to this Act, unless there is an indication that a reference to any other enactment is intended or otherwise indicated.

(4) In this Act a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless there is an indication that a reference to some other provision is intended.

(5) Any reference in this Act to a term of an agreement includes a reference to a term which although not contained in an agreement is incorporated in the agreement by another term of the agreement.

(6) A word or expression that is used in this Act and is also used in the Council Directive has, unless the contrary intention appears, the meaning in this Act that it has in the Council Directive.

(7) In construing a provision of this Act, a court shall give to it a construction that will give effect to the Council Directive, and for this purpose a court shall have regard to the provisions of the Council Directive, including the preambles.

(8) In this Act a reference to any enactment shall be construed as a reference to that enactment as amended or adapted by or under any subsequent enactment.

F4 [ (9) The Minister for Finance may, by order notified in Iris Oifigi ú il , declare any specified person, or any person of a specified class of persons, to be a consumer for the purposes of the definition of consumer in subsection (1). ]

Annotations:

Amendments:

F1

Deleted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 1, S.I. No. 160 of 2003.

F2

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 1, S.I. No. 160 of 2003.

F3

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 15(4) and sch. 2 pt. 4 items 1 and 2, S.I. No. 469 of 2010.

F4

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 12 item 1(a), (e), S.I. No. 455 of 2004.

F5

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 12 item 1(b), (ba), (d), S.I. No. 455 of 2004.

F6

Substituted (20.09.2000) by European Communities (Consumer Credit) Regulations 2000 (S.I. No. 294 of 2000), reg. 3.

F7

Substituted (23.09.1996) by European Communities (Consumer Credit Act, 1995) (Amendment) Regulations 1996 (S.I. No. 277 of 1996), reg. 2(a).

F8

Deleted (28.02.2002) by ACC Bank Act 2001 (12/2001), s. 12(1) and sch. pt. 1, S.I. No. 69 of 2002.

F9

Deleted (12.02.2001) by ICC Bank Act 2000 (32/2000), s. 7(1) and sch. pt. 1, S.I. No. 46 of 2001.

F10

Substituted (1.01.2005) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 12 item 1(c), S.I. No. 455 of 2004.

F11

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 1, S.I. No. 160 of 2003.

Modifications (not altering text):

C3

Definition of credit institution construed (22.11.2010) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2010 (S.I. No. 551 of 2010).

2. (1) BMW Financial Services (Ireland) Limited t/a BMW Financial Services, MINI Financial Services and ALPHERA Financial Services is subject to paragraph (2) of this Regulation, prescribed for the purposes of paragraph (e) of the definition of “credit institution” in Section 2(1) of the Consumer Credit Act 1995 .

(2) BMW Financial Services (Ireland) Limited t/a BMW Financial Services, MINI Financial Services and ALPHERA Financial Services is not to be regarded as prescribed for the forgoing purposes in any cases where the APR charged by it in respect of any credit granted to a consumer equals or exceeds 23 per cent.

C4

Definition of credit institution construed (25.03.2007) by Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 2007(S.I. No. 138 of 2007).

2. (1) Stepstone Mortgage Funding Limited is subject to paragraph (2) of this Regulation, prescribed for the purposes of paragraph (e) of the definition of “credit institution” in Section 2(1) of the Consumer Credit Act 1995 (as amended by Section 35 (1) and Schedule 1, Part 21 of the Central Bank and Financial Services Authority of Ireland Act, 2003).

(2) Stepstone Mortgage Funding Limited is not to be regarded as prescribed for the forgoing purposes in any cases where the APR charged by it in respect of any credit granted to a consumer equals or exceeds 23 per cent.

C5

Definition of credit institution construed (21.12.2006) by Consumer Credit Act, 1995 (Section 2) (No. 1) Regulations 2006 (S.I. No. 687 of 2006).

2. (1) Springboard Mortgages Limited is subject to paragraph (2) of this Regulation, prescribed for the purposes of paragraph (e) of the definition of “credit institution” in Section 2(1) of the Consumer Credit Act 1995 (as amended by Section 35 (1) and Schedule 1, Part 21 of the Central Bank and Financial Services Authority of Ireland Act, 2003).

(2) Springboard Mortgages Limited is not to be regarded as prescribed for the forgoing purposes in any cases where the APR charged by it in respect of any credit granted to a consumer equals or exceeds 23 per cent.

C6

Definition of credit institution construed (16.11.2004) by Credit Act 1995 (Section 2) (No. 3) Regulations 2004 (S.I. No. 715 of 2004).

2. (1) START MORTGAGES Ltd. is, subject to paragraph (2) of this Regulation, prescribed for the purposes of paragraph (e) of the definition of “credit institution” in Section 2(1) of the Consumer Credit Act 1995 (as amended by section 35(1) and Schedule 1, Part 21 of the Central Bank and Financial Services Authority of Ireland Act 2003 ).

(2) START MORTGAGES Ltd. is not to be regarded as prescribed for the foregoing purposes in any cases where the APR charged by it in respect of any credit granted to a consumer equals or exceeds 23 per cent.

C7

Definition of credit institution construed (16.11.2004) by Consumer Credit Act 1995 (Section 2) Regulations 2002 (S.I. No. 142 of 2002).

2. (1) It is prescribed, subject to paragraph (2) of this Regulation, that the definition of “credit institution” contained in section 2 (1) of the Consumer Credit Act 1995 (No. 24 of 1995), shall (by virtue of paragraph (g) of that definition) include Lombard & Ulster Banking Limited.

(2) The person specified at paragraph (1) is not to be regarded as prescribed for the purposes of that paragraph in any case where the APR charged by the person in respect of any credit granted to a consumer equals or exceeds 23 per cent.

C8

Definition of credit institution construed (7.12.1999) by Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 1999 (S.I. No. 392 of 1999).

2. The definition of “credit institution” contained in section 2 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995), shall include Open + Direct Retail Services Limited:

Provided that the APR charged by such persons in respect of any credit granted to a consumer is less than 23 per cent.

C9

Definition of credit institution construed (3.12.1996) by Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 1996 (S.I. No. 369 of 1996), as amended by S.I. Nos. 125 of 2008, art. 2, 322 of 2012, art. 2 and 325 of 2016, art. 2.

2. It is hereby prescribed that the definition of “credit institution” contained in section 2 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995), shall (by virtue of paragraph (g) of that definition) include —

[...]

[...]

[...]

[...]

AIB Leasing Limited,

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

BNP Capital Finance Limited,

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Irish Permanent Finance Limited,

[...]

[...]

National Credit Finance Limited,

National Credit Financial Services Limited,

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

[...]

Woodchester Home Loans Limited,

[...]

Motor Leasing Limited,

[...]

[...]

Western Finance Company Limited:

Provided that the APR charged by such person in respect of any credit granted to a consumer is less than 23 per cent.

Editorial Notes:

E8

Power pursuant to subs. (1) exercised (31.07.2015) by Consumer Credit Act 1995 (Section 2) Regulations 2015 (S.I. No. 352 of 2015).

E9

Power pursuant to subs. (1) exercised (25.07.2014) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2014 (S.I. No. 355 of 2014).

E10

Power pursuant to subs. (1) exercised (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012).

E11

Power pursuant to subs. (1) exercised (22.11.2010) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2010 (S.I. No. 551 of 2010).

E12

Power pursuant to subs. (1) exercised (30.04.2008) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008), in effect as per reg. 2.

E13

Power pursuant to subs. (1) exercised (23.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2007 (S.I. No. 138 of 2007).

E14

Power pursuant to subs. (1) exercised (21.12.2006) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2006 (S.I. No. 687 of 2006).

E15

Power pursuant to subs. (1) exercised (16.11.2004) by Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2004 (S.I. No. 715 of 2004).

E16

Power pursuant to subs. (1) exercised (9.04.2002) by Consumer Credit Act 1995 (Section 2 Regulations 2002 (S.I. No. 142 of 2002).

E17

Power pursuant to subs. (1) exercised (7.12.1999) by Consumer Credit Act, 1995 (section 2) (No. 2) Regulations 1999 (S.I. No. 392 of 1999).

E18

Power pursuant to subs. (1) exercised (3.12.1996) by Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations 1996 (S.I. No. 369 of 1996).

E19

Power pursuant to subs. (1) exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 2) Regulations 1996 (S.I. No. 127 of 1996).

E20

Previous affecting provision: power pursuant to subs. (1) exercised (24.09.2007) by Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 690 of 2007); revoked (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E21

Previous affecting provision: power pursuant to subs. (1) exercised (14.05.2007) by Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 (S.I. No. 751 of 2007); revoked (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E22

Previous affecting provision: power pursuant to subs. (1) exercised (30.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2007 (S.I. No. 139 of 2007); revoked (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E23

Previous affecting provision: power pursuant to subs. (1) exercised (5.03.2007) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2007 (S.I. No. 100 of 2007); revoked (25.07.2014) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2014 (S.I. No. 355 of 2014), reg. 3.

E24

Previous affecting provision: power pursuant to subs. (1) exercised (20.07.2005) by Consumer Credit Act 1995 (Section 2) (Amendment) Regulations 2005 (S.I. No. 372 of 2005); this SI amended S.I. No. 414 of 2004 and became obsolete on its revocation, see E-note below.

E25

Previous affecting provision: power pursuant to subs. (1) exercised (20.07.2005) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2005 (S.I. No. 371 of 2005); revoked (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E26

Previous affecting provision: power pursuant to subs. (1) exercised (1.07.2004) by Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2004 (S.I. No. 414 of 2004); revoked (31.07.2015) by Consumer Credit Act 1995 (Section 2) Regulations 2015 (S.I. No. 352 of 2015), reg. 3.

E27

Previous affecting provision: power pursuant to subs. (1) exercised (4.03.2004) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2004 (S.I. No. 93 of 2004); revoked (30.04.2008) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008), reg. 5, in effect as per reg. 2.

E28

Previous affecting provision: definition of “regulatory authority” inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 1, S.I. No. 160 of 2003; deleted as per F-note above.

E29

Previous affecting provision: power pursuant to subs. (1) exercised (3.07.2002) by Consumer Credit Act 1995 (Section 2 (No. 2) Regulations 2002 (S.I. No. 339 of 2002); revoked (30.04.2008) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008), reg. 5, in effect as per reg. 5.

E30

Previous affecting provision: power pursuant to subs. (1) exercised (21.09.2001) by Consumer Credit Act, 1995 (Section 2) Regulations 2001 (S.I. No. 432 of 2001); revoked (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 5.

E31

Previous affecting provision: power pursuant to subs. (1) exercised (20.04.2000) by Consumer Credit Act, 1995 (Section 2) Regulations 2000 (S.I. No. 113 of 2000); revoked (30.04.2008) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008 (S.I. No. 125 of 2008), reg. 5, in effect as per reg. 2.

E32

Previous affecting provision: power pursuant to subs. (1) exercised (27.01.1999) by Consumer Credit Act, 1995 (section 2) Regulations 1999 (S.I. No. 15 of 1999); revoked (25.07.2014) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2014 (S.I. No. 355 of 2014), reg. 3.

E33

Power pursuant to subs. (1) exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 2) Regulations 1996 (S.I. No. 127 of 1996); revoked (15.08.2012) by Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012 (S.I. No. 322 of 2012), reg. 3.

(1) O.J. No. L42,12.2.87, p. 48

(2) O.J. No. C30, 30.1.1997, p. 94.

(3) O.J. No. L101, 1.4.98, p 17, ]

Application.

3

3. (1) F12 [ Subject to this Act, ] this Act shall apply to all credit agreements, hire-purchase agreements and consumer-hire agreements to which a consumer is a party.

(2) This Act shall not apply to the following, that is to say—

( a) a credit agreement in relation to credit granted or intended to be granted by—

(i) a society which is registered as a credit union under the Industrial and Provident Societies Acts, 1893 to 1978, by virtue of the Credit Union Act, 1966,

(ii) any registered society within the meaning of the Friendly Societies Acts, 1896 to 1977,

F13 [ except where the interest of the credit union or registered society in all or any part of the credit concerned has been directly or indirectly assigned or otherwise disposed of to any person that is not a credit union or registered society, ]

F14 [ ( aa ) any transaction or proposed transaction conducted in the course of relevant trading operations within the meaning of section 39A (inserted by section 17 of the Finance Act, 1981 ) of the Finance Act, 1980 , or within the meaning of section 39B (inserted by section 30 of the Finance Act, 1987 ) of the Finance Act, 1980 . ]

( b) a credit agreement in the form of an authentic act signed before a notary public or a judge,

F15 [ ( c ) any transaction entered into by a pawnbroker in respect of a pledge on which a loan or advance is made or to be made, or anything done with a view to such a transaction being entered into, ]

( d) an agreement for the provision on a continuing basis of a service or a utility where the consumer has the right to pay for it, by means of instalments or deferred payments,

( e) credit granted or made available without payment of interest or any other charge other than by a seller of goods who has invited by advertisement consumers to avail of such credit,

F16 [ ( ea ) payments of ancillary State support advanced by the Health Service Executive under the Nursing Homes Support Scheme Act 2009, ]

( f) a credit agreement other than a credit agreement operated by means of a credit card under which no interest is charged provided the consumer agrees to repay the credit in a single payment, or

( g) a credit agreement between an employer and an employee made on terms which are more favourable to the employee than terms offered generally to the public in the normal course of business.

(3) F15 [ ( a ) The provisions of this Act may be applied to housing loans advanced by a local authority only by regulations made by the Minister for Finance after consultation with the Minister for the Environment and Local Government. Different provisions may be applied at different times to different classes of loans, by reference to such matters as that Minister considers appropriate. ].

( b) A loan, not secured by mortgage, made by a local authority for the purposes of carrying out improvement works (within the meaning of section 1 of the Housing (Miscellaneous Provisions) Act, 1979) to a house shall be regarded as a housing loan (within the meaning of this Act) for the purposes of this Act.

Annotations:

Amendments:

F12

Substituted (23.09.1996) by European Communities (Consumer Credit Act, 1995) (Amendment) Regulations 1996 (S.I. No. 277 of 1996), reg. 2(b).

F13

Inserted (8.07.2015) by Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (21/2015), s. 8, commenced on enactment.

F14

Inserted (9.04.1997) by Central Bank Act 1997 (8/1997), s. 60, S.I. No. 150 of 1997.

F15

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 2, S.I. No. 160 of 2003.

F16

Inserted (27.10.2009) by Nursing Homes Support Scheme Act 2009 (15/2009), s. 37, S.I. No. 423 of 2009.

Editorial Notes:

E34

Power pursuant to subs. (3)(a) exercised (1.09.1997) by Consumer Credit Act, 1995 (Section 3) Regulations 1997 (S.I. No. 186 of 1987), in effect as per reg. 2.

F17 [ PART IA

Responsibilities and Powers of Director of Consumer Affairs ]

Annotations:

Amendments:

F17

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

4

F18 [ Interpretation: Part IA.

4. (1) In this Part

authorised officer means an authorised officer appointed under section 8A ;

designated provisions means the provisions of this Act referred to in subsection (2) ;

Minister means the Minister for Enterprise, Trade and Employment;

responsible authority means the Minister or the Director, as appropriate.

(2) The provisions of this Act designated for the purposes of this Part are

( a ) this Part and Part XI , and

( b ) Parts II , X and XIII in so far as they apply to credit intermediaries, and

( c ) such other provisions of this Act as are ancillary to those Parts. ]

Annotations:

Amendments:

F18

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

5

F19 [ Functions of Director.

5. (1) The Director has the following functions for the purposes of this Act:

( a ) to keep under general review practices or proposed practices in relation to any of the obligations imposed on persons by or under the designated provisions;

( b ) to carry out investigations of any such practices or proposed practices whenever the Director considers it in the public interest to do so or the Minister so requests;

( c ) to request persons engaging in or proposing to engage in such practices as are, or are likely to be, contrary to the obligations imposed on them by any designated provision to discontinue or not engage in those practices;

( d ) whenever a person in relation to whom such a request has been made engages in or is proposing to engage in any such practice, to bring civil proceedings in the High Court for an order requiring the person to discontinue or not to engage in the practice;

( e ) to investigate complaints concerning possible breaches of any of the designated provisions, but at the same time having regard to the availability of other procedures for resolving those complaints;

( f ) to publish codes of practice setting out conduct regarding agreements to which the designated provisions apply, in order to secure transparency and fair- ness in relation to the terms of those agreements and the conduct of agents dealing with consumers under those contracts;

( g ) to perform or exercise such other functions as are imposed or conferred on the Director by this or any other Act.

(2) The Director may provide in response to complaints or otherwise, information or advice to consumers concerning agreements to which the designated provisions apply, and, in particular, on the obligations imposed on creditors or other persons by those provisions. ]

Annotations:

Amendments:

F19

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I No. 160 of 2003.

6

F20 [ Director to report and provide information to Minister.

6. (1) The Director shall, not more than 3 months after the end of each year, present a report to the Minister of the Director's activities in that year in relation to the performance of the Director's functions under this Act.

(2) The Minister shall arrange for a copy of the report to be laid before each House of the Oireachtas within 2 months after receiving it.

(3) The Director shall provide the Minister with such information regarding the performance or exercise of the Director's functions under this Act as the Minister may from time to time require. ]

Annotations:

Amendments:

F20

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 irtem 3, S.I. No. 160 of 2003.

7

F21 [ Powers of Director in respect of investigations.

7. (1) In conducting an investigation under the designated provisions, the Director may

( a ) require any person who, in the opinion of the Director is in possession of information, or has or has access to a record or thing, that is relevant to the investigation to provide the information, record or thing to the Director, and

( b ) where appropriate, require the person to attend before the Director for that purpose.

(2) A person to whom a requirement is made under this section shall comply with the requirement, but in doing so is entitled to the same immunities and privileges as if the person were a witness before a court.

(3) A person shall not obstruct or impede the Director in the performance or exercise of the Director's functions under this Act. ]

Annotations:

Amendments:

F21

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8

F22 [ Directions of Director in respect of statements and notices.

8. (1) The Director may, in the interests of better informing consumers, give directions as to the location and size of any statement or notice required under the designated provisions. The directions may be given in such manner as the Director thinks fit.

(2) A person to whom such a direction is given shall comply with that direction. ]

Annotations:

Amendments:

F22

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8A

F23 [ Appointment of authorised officers for purposes of this Part.

8A. (1) A responsible authority may in writing appoint persons to be authorised officers for the purposes of all or any of the designated provisions.

(2) An appointment under this section may be for a specified or unspecified period.

(3) A responsible authority who appoints an authorised officer shall provide the officer with a certificate of authority.

(4) Whenever an authorised officer is requested to do so by a person in relation to whom the officer is exercising a power under the designated provisions, the officer shall produce the officer's certificate of authority together with some form of personal identification.

(5) The appointment of a person as an authorised officer ends

( a ) when the responsible authority concerned revokes the appointment or the person dies or resigns from the appointment, or

( b ) if the appointment is for a fixed period, when the period ends, or

( c ) if the person appointed is employed in the office of that responsible authority, when the person ceases to be so employed. ]

Annotations:

Amendments:

F23

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 22.

8B

F24 [ Powers of authorised officers under this Part.

8B. (1) An authorised officer may, for the purpose of carrying out an investigation under this Part, do all or any of the following:

( a ) at all reasonable times enter any premises, at which there are reasonable grounds to believe that

(i) a trade or business, or any activity relating to a trade or business, is, or has been, carried on, or

(ii) records relating to a trade, business or activity are kept;

( b ) search and inspect premises entered under paragraph (a) and any records on the premises;

( c ) secure the premises or part of the premises for later inspection, or any part of the premises in which the officer reasonably believes records relating to a trade or business are kept;

( d ) require any person who carries on a trade, business or related activity, or any person employed in or in connection with it

(i) to produce to the officer records relating to the trade, business or activity, and

(ii) if the information is in a non-legible form, to reproduce it in a legible form or to give to the officer such information as the officer reasonably requires in relation to entries in the records;

( e ) inspect and take copies of records inspected or produced under this section (including in the case of information in a non-legible form, a copy of all or part of the information in a permanent legible form);

( f ) remove and retain the records inspected or produced under this section for such period as may be reasonable to facilitate further examination (subject to the issue of a warrant for that purpose by a judge of the District Court);

( g ) require any such person to give to the officer information that the officer reasonably requires in relation to the trade, business or activity concerned, or in relation to the persons carrying on that trade, business or activity or employed in or in connection with it;

( h ) require any such person to give to the officer any other information which the officer may reasonably require in regard to the trade, business or activity concerned;

( i ) require any person by or on whose behalf data equipment is or has been used, or any person who has charge of, or is otherwise concerned with the operation of, the equipment or any associated apparatus or material, to give the officer all reasonable assistance in relation to the equipment, apparatus or material;

( j ) require any other person employed in or in connection with the trade, business or activity concerned to give to the officer, at any reasonable time, information that the officer reasonably requires in relation to that trade, business or activity and to produce to the officer any records that the person has or has access to.

(2) An authorised officer shall not, except with the consent of the occupier, enter a private dwelling unless the officer has obtained a warrant from the District Court under section 8C authorising the entry. ]

Annotations:

Amendments:

F24

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8C

F25 [ Issue of search warrants.

8C. (1) If an authorised officer is prevented from entering premises under section 8B, the officer or another authorised officer may apply for the issue of a warrant under subsection (2) .

(2) On considering an application under subsection (1) , a judge of the District Court may issue a warrant authorising the applicant or another authorised officer to enter the premises, but only if the judge is satisfied on the sworn information of the applicant that there are reasonable grounds for suspecting that information required by the applicant or another authorised officer under section 8B is held on any premises.

(3) A warrant issued under subsection (2) authorises the officer named in the warrant, at any time or times within 1 month after the date of issue of the warrant to exercise, by force if necessary, all or any of the powers conferred on authorised officers by section 8B . If, when attempting to enter the premises specified in the warrant, the officer is requested to produce the warrant for inspection, the officer may exercise those powers only after complying with the request. ]

Annotations:

Amendments:

F25

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8D

F26 [ Obstruction of authorised officer when exercising powers.

8D. A person shall not

( a ) obstruct or interfere with an authorised officer when exercising the powers conferred by this Part, or

( b ) without reasonable excuse, fail to comply with a requirement made by an authorised officer under this Part, or

( c ) give to an authorised officer information that the person knows or ought to know is false or misleading. ]

Annotations:

Amendments:

F26

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8E

F27 [ Authorised officers may be accompanied by other persons when exercising powers.

8E. An authorised officer can, if the officer thinks it necessary, be accompanied by a member of the Garda S í och á na or by another authorised officer when exercising a power conferred on authorised officers by this Part. ]

Annotations:

Amendments:

F27

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8F

F28 [ Prohibition on unauthorised disclosure of information.

8F. A person shall not disclose confidential information obtained

( a ) as an authorised officer, or

( b ) as a member of the staff of, or as adviser or consultant to, the Director,

unless duly authorised by the Director or by a member of staff authorised by the Director. ]

Annotations:

Amendments:

F28

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

F29 [ PART IB

Functions and Powers of Central Bank F30 [ ] of Ireland

Annotations:

Modifications (not altering text):

C10

Transitional provision prescribed in respect of functions and powers previously vested in Director of Consumer Affairs (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 36 and sch. 3 para. 20(1), S.I. No. 160 of 2003.

Schedule 3 (savings and transitional provisions).

36. The savings and transitional provisions set out in Schedule 3 have effect.

...

SCHEDULE 3

Savings and Transitional Provisions

...

Performance of former functions of Director of Consumer Affairs

20. (1) If

( a ) before the commencement of section 26 of this Act, action taken by, or done to, the Director of Consumer Affairs in relation to the performance of a function imposed, or the exercise of a power conferred, on the Director by or under a provision of the Consumer Credit Act 1995 , and

( b ) on that commencement, the function or power became the function or power of the Bank, and

( c ) the action had not ceased to have effect before that commencement,

the action continues to have effect as if it had been taken by, or done to, the Bank under that provision as in force after that commencement. Accordingly, if the action relates to the performance of a function, the action must be continued or completed by or in relation to the Bank, and if the action relates to the exercise of a power, the act or thing may be continued or completed by or in relation to the Bank. ]

Annotations:

Amendments:

F29

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

F30

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 15(4) and sch. 2 pt. 4 item 3, S.I. No. 469 of 2010.

8G

F31 [ Interpretation: Part IB.

8G. (1) In this Part

authorised officer means an authorised officer appointed under section F32 [ 8M ] ;

designated provisions means the provisions of this Act referred to in subsection (2) ;

Minister means the Minister for Finance;

F33 [ ]

(2) The provisions of this Act designated for the purposes of this Part are

( a ) this Part and Parts III , IV , V , VI , VII , VIII , IX and XII , and

( b ) Parts II , X and XIII in so far as they apply to persons who enter into agreements with consumers otherwise than as credit intermediaries, and

( c ) such other provisions of this Act as are ancillary to those Parts. ]

Annotations:

Amendments:

F31

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

F32

Substituted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 70 and sch. 4 pt. 4 item 1(a), S.I. No. 557 of 2012.

F33

Deleted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 70 and sch. 4 pt. 4 item 1(b), S.I. No. 557 of 2012.

8H

F34 [ Functions of Bank under this Act.

8H. (1) The Bank has the following functions for the purposes of this Act:

( a ) to keep under general review practices or proposed practices in relation to any of the obligations imposed on persons by or under the designated provisions;

( b ) to carry out investigations of any such practices or proposed practices whenever the Bank considers it in the public interest to do so or the Minister so requests;

( c ) to request persons engaging in or proposing to engage in such practices as are, or are likely to be, contrary to the obligations imposed on them by a designated provision discontinue or not engage in those practices;

( d ) whenever a person in relation to whom such a request has been made engages in or is proposing to engage in any such practice, to bring civil proceedings in the High Court for an order requiring the person to discontinue or not to engage in the practice;

( e ) to investigate complaints concerning possible breaches of any of the designated provisions, but at the same time having regard to the availability of other procedures for resolving those complaints;

( f ) to publish codes of practice setting out conduct relating to agreements to which the designated provisions apply, in order to secure transparency and fairness in relation to the terms of those agreements and the conduct of agents dealing with consumers under those contracts;

( g ) to perform or exercise such other functions as are imposed or conferred on the Bank by this Act.

(2) The Bank may provide in response to complaints or otherwise, information or advice to consumers concerning agreements to which the designated provisions apply, and, in particular, on the obligations imposed on creditors or other persons by those provisions. ]

Annotations:

Amendments:

F34

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8I

F35 [ Bank to provide information to Minister.

8I. The Bank shall provide the Minister with such information regarding the performance or exercise of the Bank's functions under this Act as the Minister may require from time to time. ]

Annotations:

Amendments:

F35

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8J

F36 [ Bank to prepare annual report of its activities under this Act.

8J. (1) The Bank shall, within 4 months after the end of each financial year, prepare a report setting out the Bank's activities in that year in relation to the performance or exercise of the Bank's functions under this Act.

(2) The Bank shall include the report in, or attach the report to, the report presented to the Minister under section 61 of the Central Bank Act 1942. ]

Annotations:

Amendments:

F36

Inserted (1.5.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8K

F37 [ Powers of Bank in respect of investigations.

8K. (1) In conducting an investigation under the designated provisions, the Bank may

( a ) require any person who, in the opinion of the Bank is in possession of information, or has or has access to a record or thing, that is relevant to the investigation to provide the information, record or thing to the Bank, and

( b ) where appropriate, require the person to attend before the Bank for that purpose.

(2) A person to whom a requirement is made under this section shall comply with the requirement, but in doing so is entitled to the same immunities and privileges as if the person were a witness before a court.

(3) A person shall not obstruct or interfere with the Bank in the performance or exercise of the Bank's functions under this Act. ]

Annotations:

Amendments:

F37

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8L

F38 [ Directions of Bank in respect of statements and notices.

8L. (1) The Bank may, in the interests of better informing consumers, give directions as to the location and size of any statement or notice required under the designated provisions. The directions may be given in such manner as the Bank thinks fit.

(2) A person to whom such a direction is given shall comply with the direction. ]

Annotations:

Amendments:

F38

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8M

F39 [ Appointment of authorised officers for purposes of this Part.

8M. (1) F40 [ The Minister ] may in writing appoint persons to be authorised officers for the purposes of all or any of the designated provisions.

(2) An appointment under this section may be for a specified or unspecified period.

(3) F40 [ The Minister ] who appoints an authorised officer shall provide the officer with a certificate of authority.

(4) Whenever an authorised officer is requested to do so by a person in relation to whom the officer is exercising a power under the designated provisions, the officer shall produce the officer's certificate of authority together with some form of personal identification.

(5) The appointment of a person as an authorised officer ends

( a ) when F40 [ the Minister ] concerned revokes the appointment or the person dies or resigns from the appointment, or

( b ) if the appointment is for a fixed period, when the period ends, or

( c ) if the person appointed is an officer of F40 [ the Minister ] , when the person ceases to be such an officer. ]

Annotations:

Amendments:

F39

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 22.

F40

Substituted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 70 and sch. 4 pt. 4 item 2, S.I. No. 557 of 2012.

Editorial Notes:

E35

Previous affecting provision: persons authorised under section deemed to be authorised (2.07.2002) for purposes of European Communities (Cross Border Payments in Euro) Regulations 2002 (S.I. No. 335 of 2002), reg. 3(2), as amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(2) and sch. 2 pt. 19 item 2, S.I. No. 160 of 2003; revoked (19.05.2010) by European Communities (Cross Border Payments) Regulations 2010 (S.I. No. 183 of 2010), reg. 21, in effect as per reg. 1(2).

8N

F41 [ Powers of authorised officers.

8N. (1) An authorised officer may, for the purpose of carrying out an investigation under this Part, do all or any of the following:

( a ) at all reasonable times enter any premises, at which there are reasonable grounds to believe that

(i) a trade or business, or any activity relating to a trade or business, is, or has been, carried on, or

(ii) records relating to a trade, business or activity are kept;

( b ) search and inspect premises entered under paragraph (a) and any records on the premises;

( c ) secure the premises or part of the premises for later inspection, or any part of the premises in which the officer reasonably believes records relating to a trade or business are kept;

( d ) require any person who carries on a trade, business or activity, or any person employed in or in connection with it

(i) to produce to the officer records relating to the trade, business or activity, and

(ii) if the information is in a non-legible form, to reproduce it in a legible form or to give to the officer such information as the officer reasonably requires in relation to entries in the records;

( e ) inspect and take copies of records inspected or produced under this section (including in the case of information in a non-legible form, a copy of all or part of the information in a permanent legible form);

( f ) remove and retain the records inspected or produced under this section for such period as may be reasonable to facilitate further examination (subject to the issue of a warrant for that purpose by a judge of the District Court);

( g ) require any such person to give to the officer information that the officer reasonably requires in relation to the trade, business or activity concerned, or in relation to the persons carrying on that trade, business or activity or employed in or in connection with it;

( h ) require any such person to give to the officer any other information which the officer may reasonably require in regard to the trade, business or activity concerned;

( i ) require any person by whom or on whose behalf data equipment is or has been used, or any person who has charge of, or is otherwise concerned with the operation of, the equipment or any associated apparatus or material, to give the officer all reasonable assistance in relation to the equipment, apparatus or material;

( j ) require any other person employed in or in connection with the trade, business or activity concerned to give to the officer, at any reasonable time, information that the officer reasonably requires in relation to that trade, business or activity and to produce to the officer any records that the person has or has access to.

(2) An authorised officer shall not, except with the consent of the occupier, enter a private dwelling unless the officer has obtained a warrant from the District Court under section 8N authorising the entry. ]

Annotations:

Amendments:

F41

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8O

F42 [ Issue of search warrants.

8O. (1) If an authorised officer is prevented from entering premises under section 8N , the officer or another authorised officer may apply for the issue of a warrant under subsection (2) .

(2) On considering an application under subsection (1) , a judge of the District Court may issue a warrant authorising the applicant or another authorised officer to enter the premises, but only if the judge is satisfied on the sworn information of the applicant that there are reasonable grounds for suspecting that information required by the applicant or another authorised officer under section 8N is held on any premises.

(3) A warrant issued under subsection (2) authorises the officer named in the warrant, at any time or times within 1 month after the date of issue of the warrant to exercise, by force if necessary, all or any of the powers conferred on authorised officers by section 8N . If, when attempting to enter the premises specified in the warrant, the officer is requested to produce the warrant for inspection, the officer may exercise those powers only after complying with the request. ]

Annotations:

Amendments:

F42

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8P

F43 [ Obstruction of authorised officer when exercising powers.

8P. A person shall not

( a ) obstruct or interfere with an authorised officer when exercising the powers conferred by this Part, or

( b ) without reasonably excuse, fail to comply with a requirement made by an authorised officer under this Part, or

( c ) give to an authorised officer information that the person knows or ought to know is false or misleading. ]

Annotations:

Amendments:

F43

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

8Q

F44 [ Authorised officers may be accompanied by other persons when exercising powers.

8Q. An authorised officer can, if the officer thinks it necessary, be accompanied by a member of the Garda S í och á na or by another authorised officer when exercising a power conferred on authorised officers by this Part. ]

Annotations:

Amendments:

F44

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 3, S.I. No. 160 of 2003.

F45 [ PART IC

Provisions Applicable to Director and Bank ]

Annotations:

Amendments:

F45

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 4, S.I. No. 160 of 2003.

APR.

9

9. (1) In this Act the APR shall be the equivalent, on an annual basis, of the present value of all commitments (loans, repayments and charges), future or existing, agreed by the creditor and the consumer, calculated to the nearest rounded decimal place in accordance with the method of calculation specified in the Fourth Schedule .

(2) The F46 [ Bank ] may by regulations amend the method of calculation of the APR specified in the Fourth Schedule either generally or in relation to any form of credit covered in this Act.

(3) The F46 [ Bank ] shall, from time to time, publish guidelines to explain the method of calculation of the APR under this Act.

Annotations:

Amendments:

F46

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 5, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).

Criteria for calculation of APR.

10

10. (1) This section shall apply to credit agreements other than housing loans.

(2) For the purpose of calculating the APR the total cost of credit to the consumer shall be determined, with the exception of the following charges:

( a) charges payable by the consumer for non-compliance with any of his commitments laid down in the credit agreement,

( b) charges other than the purchase price which, in purchases of goods or services, the consumer is obliged to pay whether the transaction is paid in cash or by credit,

( c) charges for the transfer of funds and charges for keeping an account intended to receive payments towards the reimbursement of the credit, the payment of interest and other charges except where the consumer does not have reasonable freedom of choice in the matter and where such charges are abnormally high; this paragraph shall not, however, apply to charges for collection of such reimbursements or payments, whether made in cash or otherwise,

( d) membership subscriptions to associations or groups and arising from agreements separate from the credit agreement, even though such subscriptions have an effect on the credit terms,

( e) charges for insurance or guarantees other than those designed to ensure payment to the creditor, in the event of the death, invalidity, illness or unemployment of the consumer, of a sum equal to or less than the total amount of the credit together with relevant interest, and other charges imposed by the creditor as a condition for credit being granted.

(3) ( a) The APR shall be calculated—

(i) in the case of a credit agreement, at the time the agreement is concluded, or

(ii) in the case of an advertisement which relates to the offering of credit and mentions the APR, at the time the advertisement is published, and

( b) the calculation shall be made on the assumption that the credit agreement is valid for the period agreed and that the creditor and the consumer fulfil their obligations under the terms and by the dates agreed.

(4) In the case of credit agreements containing terms allowing variations in the rate of interest and the amount or level of other charges contained in the APR but unquantifiable at the time when it is calculated, the APR shall be calculated on the assumption that interest and other charges remain fixed and will apply until the end of the credit agreement. The variability shall be indicated with equal prominence to and along with the APR.

(5) In the case of credit agreements containing terms allowing variations in the rate of interest and the amount or level of other charges contained in the APR but quantifiable at the time when it is calculated, the APR shall be calculated to take account of the rates applicable from the specific dates set out in the agreement.

(6) Where necessary, the following assumptions may be made in calculating the APR:

( a) if there is no fixed timetable for repayment, and one cannot be deduced from the terms of the credit agreement and the means for repaying the credit granted, the duration of the credit shall be deemed to be one year,

( b) unless otherwise specified, where the credit agreement provides for more than one repayment date, the credit will be made available and the repayments made at the earliest time provided for in the agreement,

( c) where the amount of credit to be provided is not specified—

(i) in the case of running account credit, where a credit limit is specified, it shall be assumed that the maximum amount of credit is provided for the duration of the agreement, and

(ii) in any other case, it shall be assumed that the amount provided shall be £1,000,

( d) where charges are payable at an unspecified date after the agreement is signed it shall be assumed that they are payable at the beginning of the agreement.

(7) A creditor shall comply with the requirements of this section in relation to the calculation of the APR in respect of a credit agreement.

Laying of regulations before Houses of Oireachtas.

11

11.Every regulation made under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder.

Offences.

12

12. F47 [ (1) A person commits a summary offence under this Act if the person

( a ) in Part IA , contravenes section 7(2) or (3) , 8(2) , 8D or 8F , or

( b ) in Part IB , contravenes section 8K(2) or (3) , 8L(2) or 8P , or

( c ) in Part II , contravenes section 26 or 27 , or regulations under section 28 , or

( d ) in Part III , contravenes section 39 , or

( e ) in Part IV , contravenes section 43(2) , or

( f ) in Part VI , contravenes section 61 , 64 (1) or 69 , or

( g ) in Part VII , contravenes section 87 or 91 , or

( h ) in Part VIII , contravenes section 93(6) or (9) , 94 , 95 , 98(4) or (5) , 99 , 105(3) or (4) , 106(2) or (3) , or

( i ) in Part IX , contravenes section 116(1) or (2) , 117 , 122(3) , 123 , 124 , 128 , 129(2) , 130 , 131(4) or (5) , 132 , 133(1) or (2) , 134 or 135(3) , or

( j ) in Part X , contravenes section 138 , 139 , 142 or 143(2) , or regulations made under section 137 , or

( k ) in Part XI , contravenes section 144(1) or (3) , 145 or 148 .

(2) A person commits an offence under this Act (other than a summary offence) if the person

( a ) in Part IV , contravenes section 45 , 46 or 49 , or

( b ) in Part V , contravenes section 54 , or

( c ) in Part VIII , contravenes section 96 , 97 , 98(1) or (2) , 100 , 101 , 102 , 103(2) , 107 , 110 or 111 , or

( d ) in Part IX , contravenes section 118 or 127 , or

( e ) in Part X , contravenes section 140 , or

( f ) in Part XI , contravenes section 146 , or

( g ) in Part XII , contravenes section 149(1) , (12A) or (12C) , section 149A(2) , (14) or (16) or a direction given under section 149(5) or (6) or section 149A(6) or (7) . ]

(3) Where an offence under this Act is committed by a body corporate or by a person acting on behalf of a body corporate and is proved to have been so committed with the consent, connivance or approval of, or to have been facilitated by any neglect on the part of any director, manager, secretary or any other officer of such body or a person who was purporting to act in any such capacity, such person shall also be guilty of an offence and shall be liable to be proceeded against and punished as if he were guilty of the first-mentioned offence.

(4) In this section, a reference to the contravention of a provision includes, where appropriate, a reference to a refusal, or a failure, to comply with that provision.

Annotations:

Amendments:

F47

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 12 item 2, S.I. No. 455 of 2004, subject to transitional provision in s. 35 and sch. 5 para. 12A.

Editorial Notes:

E36

Offence under subs. (2) prescribed an arrestable offence insofar as it relates to a contravention of section 97(1) or (3), or section 101, 102 or 127 (9.08.2011) for purposes of Criminal Justice Act 2011 (22/2011), s. 3 and sch. 1 para. 7, S.I. No. 411 of 2011.

E37

Previous affecting provision: subs. (1) amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 part 21 item 6, S.I. No. 160 of 2003; substituted as per F-note above.

Penalties.

13

F48 [ 13. (1) A person who is guilty of an offence under this Act shall be liable

( a ) on summary conviction, to a fine not exceeding 3,000 or imprisonment for a term not exceeding 12 months or both, or

( b ) on conviction on indictment, to a fine not exceeding 100,000 or imprisonment for a term not exceeding 5 years or both.

(2) Where a person is convicted of an offence under this Act and there is a continuation of the offence by the person after his or her conviction, the person shall be guilty of a further offence on every day on which the contravention continues and for each such offence shall be liable

( a ) on summary conviction, to a fine not exceeding 1,000, or

( b ) on conviction on indictment, to a fine not exceeding 10,000. ]

Annotations:

Amendments:

F48

Substituted (30.06.2005) by Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005), s. 82, S.I. No. 323 of 2005.

Prosecution of offences.

14

14. F49 [ (1) An offence under this Act for contravening a provision designated for the purposes of Part IA may be prosecuted summarily only by the Director.

(1A) An offence under this Act for contravening a provision designated for the purposes of Part IB (other than a provision of Part VIII ) may be prosecuted summarily only by the Bank. ]

(2) An offence under this Act for contravening Part VIII may be prosecuted summarily by a member of the Garda Síochána.

(3) F50 [ ]

Annotations:

Amendments:

F49

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 7, S.I. No. 160 of 2003.

F50

Deleted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 4(1) and sch. 1 pt. 1 item 8, S.I. No. 287 of 2013.

15

F51 [ Cost of prosecution.

15. (1) If a person is convicted of an offence for contravening a provision designated for the purposes of Part IA , the court shall, unless it is satisfied there are special and substantial reasons for not doing so, order the person to pay to the Director such amount of costs and expenses as the Director has, in the opinion of the court, incurred in investigating and prosecuting the offence.

(2) If a person is convicted of an offence for contravening a provision designated for the purposes of Part IB , the court shall unless it is satisfied there are special and substantial reasons for not doing so, order the person to pay to the Bank such amount of costs and expenses as the Bank has, in the opinion of the court, incurred in investigating and prosecuting the offence. ]

Annotations:

Amendments:

F51

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 8, S.I. No. 160 of 2003.

16

F52 [ Director and Bank to be immune from certain civil proceedings.

16. (1) Civil proceedings may not be brought against the Director for failure to perform or exercise an obligation imposed on the Director by this Act, unless the failure is wilful.

(2) Civil proceedings may not be brought against the Bank for failure to perform or exercise an obligation imposed on the Bank by this Act, unless the failure is wilful. ]

Annotations:

Amendments:

F52

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 9, S.I. No. 160 of 2003.

Transitional provision.

17

17. (1) ( a) Part III shall not apply to any credit agreement,

( b) Part VI shall not apply to any hire-purchase agreement,

( c) sections 100, 101 and 103 shall not apply to a moneylending agreement, and

( d) Part IX , other than sections 121, 124, 130 (b), 133 (6), 134 and 136 , shall not apply to a housing loan,

made before the commencement of this Act.

(2) The Hire-Purchase Acts, 1946 to 1980, shall continue to apply to any hire-purchase agreement or credit-sale agreement (within the meaning of the Hire-Purchase Act, 1946) made before the commencement of Part VII which is still in force after its commencement notwithstanding the repeal of those Acts by section 19 .

18

F53 [ Expenses incurred in administering this Act.

18. (1) The expenses incurred by the Minister for Enterprise, Trade and Employment and the Director in administering the provisions of this Act designated for the purposes of Part IA are, to the extent approved by the Minister for Finance, payable out of money provided by the Oireachtas.

(2) The expenses incurred by the Minister for Finance in administering the provisions of this Act designated for the purposes of Part IB are payable out of money provided by the Oireachtas. ]

Annotations:

Amendments:

F53

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 10, S.I. No. 160 of 2003.

Repeals.

19

19.The enactments specified in column (2) of the Second Schedule are hereby repealed to the extent specified in column (3) of that Schedule.

PART II

Advertising and Offering of Financial Accommodation

Annotations:

Modifications (not altering text):

C11

Application of Part restricted (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), reg. 11(3).

General provisions applicable to advertising and marketing and provision concerning Consumer Credit Act 1995’s application

11. ...

(3) To the extent that a provision of Part II of the Consumer Credit Act 1995 (No.24 of 1995) is inconsistent with a provision of this Part, that provision of that Part II shall not apply as respects credit agreements to which these Regulations apply.

C12

Application of Part modified (11.06.2010) by European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010), reg. 4(1), in effect as per reg. 2.

Relationship of Parts 2 to 7 of these Regulations with Consumer Credit Act 1995

4. (1) For the application of Part II of the Consumer Credit Act 1995 (No. 24 of 1995) (in this Regulation called “the Act of 1995”) to advertising to which Regulation 7 applies, the annual percentage rate (in that Part called “APR”) shall be determined in accordance with the definition of “annual percentage rate of charge” in Regulation 6(1) and the formulae set out in Schedule 1.

...

Application of Part II.

20

20. (1) Subject to subsection (2), this Part applies to any advertisement, published or displayed for the purpose of a business carried on by the advertiser indicating willingness to—

( a) provide or to arrange the provision of credit,

( b) enter into a hire-purchase or consumer-hire agreement for the letting of goods by the advertiser, or

( c) arrange the letting of goods under a hire-purchase or consumer-hire agreement by another person,

to a consumer.

(2) This Part does not apply to any advertisement published or displayed by a society referred to in section 3 (2) (a) .

Credit advertisements.

21

21. (1) An advertisement in which a person offers to provide or arrange the provision of credit shall, if mentioning a rate of interest F54 [ or making any claim in relation to the cost of credit ], contain a clear and prominent statement of the APR, using a representative example if no other means is practicable, F54 [ provided it is indicated that this is only a representative example, ] and no other rate of interest shall be included in the advertisement.

(2) The statement of the APR included in any advertisement to which subsection (1) applies shall be afforded in the advertisement no less prominence than a statement relating to—

( a) any period over which payment is to be made,

( b) the amount of any advance payment or the fact that no advance payment is required, and

( c) the amount, number or frequency of any other payments or charges (other than the cash price of the goods or services) or of any repayments.

(3) An advertisement (other than one relating to a housing loan) shall, where the credit offered is subject to conditions involving the payment of any charges other than the repayment of capital and interest on the sum borrowed, specify those conditions.

(4) An advertisement shall, if any security is required or is required in specific circumstances in relation to the credit offered, state that such security is required.

(5) Notwithstanding section 7 of the Consumer Information Act, 1978, it shall not be an offence for a person to provide credit at a lower rate than the rate advertised.

(6) Where an advertisement refers to the availability of credit and the credit is subject to any restrictions, those restrictions shall be clearly indicated.

Annotations:

Amendments:

F54

Inserted (8.08.1996) by Consumer Credit Act, 1995 (Section 28) Regulations 1996 (S.I. No. 245 of 1996), reg. 2.

Advertising of financial accommodation related to goods or services.

22

22.Where an advertisement refers to the availability of a financial accommodation in relation to the acquisition of goods or the provision of a service, it shall include F55 [ , where applicable, ] a statement of—

( a) the nature of the financial accommodation,

( b) the cash price of the goods or service,

F56 [ (c)the APR and the total cost of credit or the hire-purchase price, ]

( d) the number and amount of instalments,

( e) the duration of the intervals between instalment payments,

( f) the number of any instalments which have to be paid before delivery of the goods, and

( g) details of any deposit payable.

Annotations:

Amendments:

F55

Inserted (8.08.1996) by Consumer Credit Act, 1995 (Section 28) Regulations 1996 (S.I. No. 245 of 1996), reg. 3(a).

F56

Substituted (8.08.1996) by Consumer Credit Act, 1995 (Section 28) Regulations 1996 (S.I. No. 245 of 1996), reg. 3(b).

Advertising of consumer-hire agreements.

23

23. (1) An advertisement in which a person offers to arrange the letting of goods under a consumer-hire agreement or indicates the availability of such a letting shall include a statement to the effect that the agreement is for letting, hiring or leasing only and the goods remain the property of the owner,

(i) which shall be afforded no less prominence than the sum of any amount payable by the hirer, and

(ii) in the case of a visual advertisement, shall be enclosed by a boxed boundary line.

(2) Where any figures relating to the amount payable by a hirer under a consumer-hire agreement are indicated in any advertisement to which subsection (1) applies, those figures shall be clearly displayed and shall be fully inclusive of all amounts payable, including taxes.

(3) Where any figures relating to the amount payable by a hirer under a consumer-hire agreement are indicated in any advertisement to which subsection (1) applies, and those figures indicate the amount payable for part of the agreement only, that fact shall also be clearly indicated in the advertisement.

Comparative advertising.

24

24.Where an advertisement purports to compare the level of repayments or cost under one or more forms of financial accommodation, the advertisement shall contain the relevant terms of each of the forms of financial accommodation referred to in the advertisement.

Advertising of credit as being without charge.

25

25.An advertisement shall not describe credit as being without interest, or any other charge, if the availability of the credit is dependent on the consumer concluding with the creditor or any other person a maintenance contract (for any goods involved) or an insurance contract or on any other condition, compliance with which would, or would be likely in the future to, involve the consumer in any cost additional to that payable if the goods were bought for cash.

Advertising of financial accommodation to comply with this Part.

26

26. (1) A person shall not display or publish or cause to be displayed or published an advertisement to which this Part applies which does not comply with this Part.

(2) In any proceedings for contravening subsection (1), it shall be a defence for the accused, being a person other than the provider of credit, to show that he is a person whose business it is to publish or arrange for the publication of advertisements and that he received the advertisement in question for publication in the ordinary course of business and did not know and had no reason to suspect that its publication would constitute a contravention of subsection (1).

(3) For the purposes of this section an advertisement published by displaying it shall be treated as published on every day on which it is displayed.

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

27

27. (1) Where the provider of a financial accommodation, in respect of any financial accommodation provided by him through a credit intermediary, has devised any part of an advertisement or supplied, or has been requested to supply, information in relation to it, but is not the advertiser, the provider shall ensure the advertisement displayed or published complies with this Part.

(2) In any proceedings for contravening this section it shall be a defence for the accused being the provider of a financial accommodation in relation to an advertisement which does not comply with this Part to show that it was displayed or published without his consent or connivance or that he made reasonable efforts to ensure that it complied with this Part or to prevent its publication.

28

F57 [ Regulations relating to advertising availability and cost of credit.

28. (1) The Bank may make regulations amending section 21 , 22 , 23 , 24 or 25 with respect to the form or content of advertisements relating to the availability or the cost or the provision of credit to consumers.

(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance.

(3) The Bank shall consult the Minister for the Environment and Local Government before making regulations under this section relating to housing loans. ]

Annotations:

Amendments:

F57

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 11, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).

Editorial Notes:

E38

Power pursuant to section exercised (8.08.1996) by Consumer Credit Act, 1995 (Section 28) Regulations 1996 (S.I. No. 245 of 1996).

PART III

Requirements Relating to Credit Agreements and Form and Contents thereof

Annotations:

Modifications (not altering text):

C13

Application of Part restricted (11.06.2010) by European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010), reg. 4(2), (4), in effect as per reg. 2, as substituted (20.12.2012) by European Union (Consumer Credit Agreements) (Amendment) Regulations 2012 (S.I. No. 579 of 2012), reg. 2(c).

Relationship of Parts 2 to 7 of these Regulations with Consumer Credit Act 1995

4. ...

[(2) Subject to paragraph (4), parts III (other than sections 30(1) and (4)), IV (other than sections 42, 46, 47 and 48) and V of the Act of 1995 do not apply in relation to a credit agreement to which Parts 2 to 7 apply. ]

...

[(4) Paragraph (2) does not affect the operation of any provision of Part III, IV or V of the Act of 1995 in relation to a contract of guarantee that relates to a credit agreement. ]

(5) Nothing in this Regulation affects the operation of any provision of the Act of 1995 in relation to advertising, or a credit agreement, to which Parts 2 to 7 of these Regulations do not apply.

...

Application of Part III .

29

29.This Part shall apply to all credit agreements other than housing loans.

General requirements relating to contents of credit agreements.

30

30. (1) A credit agreement and any contract of guarantee relating thereto shall be made in writing and signed by the consumer and by or on behalf of all other parties to the agreement, and—

F58 [ ( a ) a copy of the agreement shall be sent to the consumer by the creditor within 10 days of the making of the agreement, and

( b ) in the case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be sent to the guarantor by the creditor within 10 days of the making of the contract. ]

(2) A credit agreement shall contain a statement in respect of the cooling-off period that the consumer—

( a) has a right to withdraw from the agreement without penalty if the consumer gives written notice to this effect to the creditor within a period of 10 days of the date of receipt by the consumer of a copy of the agreement, or

( b) may indicate that he does not wish to exercise this right by signing a statement to this effect, this signature to be separate from, and additional to, the consumer's signature in relation to any of the terms of the agreement.

(3) A credit agreement shall contain a statement of—

( a) the names and addresses of all the parties to the agreement, and

( b) any costs or penalties to which the consumer may become liable for any failure by the consumer to comply with the terms of the agreement.

(4) This section does not apply to credit in the form of advances on a current account, or on credit card accounts.

Annotations:

Amendments:

F58

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 76, S.I. No. 287 of 2013.

Contents of credit agreements for cash loans.

31

31. (1) A credit agreement for a cash loan, other than an advance on a current account, or a credit card account shall contain a statement of the following—

( a) the amount of the credit lent under the agreement,

( b) the date the credit is to be advanced, (if known),

( c) the amount of each repayment instalment,

( d) the rate of interest charged and the APR,

( e) the conditions under which the APR may be changed,

( f) any charges not included in the calculation of the APR but which have to be paid by the borrower in certain given circumstances,

( g) the number of repayment instalments,

( h) the date, or the method of determining the date, upon which each repayment instalment is payable,

( i) the total amount payable in respect of the loan,

( j) the date of expiry of the loan,

( k) the means and the cost of any termination by the borrower of the agreement before the final repayment instalment.

(2) A credit agreement operated by means of a credit card or a running account shall contain a statement of—

( a) the amount of the credit limit, if any, F59 [ at the commencement of the agreement and any conditions in relation to any variation of the limit, ]

( b) the rate of interest charged and the APR,

( c) the terms of use and repayment, and

( d) the means and the cost of termination of the agreement.

Annotations:

Amendments:

F59

Inserted (13.05.1996) by Consumer Credit Act, 1995 (Section 37) Regulations 1996 (S.I. No. 129 of 1996), reg. 2.

Requirements relating to credit-sale agreements.

32

32. (1) Before any credit-sale agreement is entered into in respect of the sale of goods the seller shall state in writing the cash price to the prospective buyer, otherwise than in the agreement.

(2) Subsection (1) shall be deemed to have been complied with—

( a) if the buyer has inspected the goods or like goods and at the time of his inspection tickets or labels were attached to or displayed with the goods clearly stating the cash price, either of the goods as a whole or of all the different articles or sets of articles comprised therein, or

( b) if the buyer has selected the goods by reference to a catalogue, price list or advertisement, which clearly stated the cash price either of the goods as a whole or of all the different articles or sets of articles comprised therein.

(3) A credit-sale agreement shall contain a statement of—

( a) the total cost of credit,

( b) the cash price of the goods to which the agreement relates,

( c) the amount of each of the instalments by which the total cost of credit is to be paid,

( d) the date, or the method of determining the date, upon which each instalment is payable,

( e) the number of instalments,

( f) the cost of any termination of the agreement by the buyer before final payment, and

( g) where applicable—

(i) the rate of interest charged and the APR,

(ii) the conditions under which the APR may be changed.

(4) A credit-sale agreement shall contain a description of the goods to which the agreement relates sufficient to identify them.

(5) A credit-sale agreement shall contain in a prominent position the words “ Credit-Sale Agreement ”.

Avoidance of certain provisions in credit-sale agreements.

33

33.Any provision in any credit-sale agreement whereby—

( a) any person acting on behalf of a seller in connection with the formation or conclusion of a credit-sale agreement is treated or is deemed to be the agent of the buyer, or

( b) a seller is relieved from liability for the acts or defaults of any person acting on the seller's behalf in connection with the formation or conclusion of a credit-sale agreement,

shall be void.

Requirements relating to contents of contracts for services.

34

34.A credit agreement which is a contract for the supply of services, other than financial services, shall contain—

( a) a statement of—

(i) the total cost of credit,

(ii) the cash price of the services to which the agreement relates,

(iii) the amount of each instalment by which the total cost of credit is to be paid,

(iv) the date, or the method of determining the date, upon which each instalment is payable,

(v) the means and the cost of any termination of the agreement by the consumer before final payment, and

(vi) where applicable—

(I) the rate of interest charged, and

(II) the conditions under which the APR may be changed, and

( b) a description of the services (including any goods) to be supplied to which the agreement relates.

Advances on current account.

35

35. (1) A consumer shall be informed by the creditor at the time, or before, an agreement is made in respect of the granting of credit in the form of an advance on a current account F60 [ including an overdraft ] granted by a credit institution, other than on credit card accounts, of—

( a) the credit limit, if any, F60 [ at the commencement of the agreement and any conditions in relation to any variation of the limit, ]

( b) the annual rate of interest and the charges applicable from the time the agreement is concluded and the conditions under which these may be amended, and

( c) the procedure for determining the agreement.

(2) The information required under subsection (1) shall be confirmed by the creditor in writing to the consumer within 10 days of the making of the agreement, and during the period of the agreement, the consumer shall be informed by the creditor of any change in the annual rate of interest or in the relevant charges at or before the time such change occurs and such information may be given in a statement of account or in an advertisement published in a national newspaper published and circulating in the State.

(3) ( a) Where any sum is advanced to a consumer by way of an overdraft tacitly accepted by both parties which extends beyond a period of three consecutive months, he shall be informed of the annual rate of interest and other charges applicable and of any subsequent amendment of those charges.

( b) The information required to be given in paragraph (a) may be given in a statement of account or in an advertisement published in a national newspaper published and circulating in the State.

Annotations:

Amendments:

F60

Inserted (13.05.1996) by Consumer Credit Act, 1995 (Section 37) Regulations 1996 (S.I. No. 129 of 1996), reg. 3.

Notice of important information to be included in credit agreements.

36

36.A credit agreement other than an overdraft facility, a credit-sale agreement or a moneylending agreement shall contain, on the front page of the agreement, a notice in the form set out in Part I of the Third Schedule or such other form as may be prescribed.

Annotations:

Editorial Notes:

E39

Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 36) Regulations 1996 (S.I. No. 128 of 1996).

37

F61 [ Regulations relating to form and content of credit agreements.

37. (1) The Bank may make regulations amending section 30 , 31 , 32(3) to 32(5) , 34 or 35 with respect to the form or content of credit agreements.

(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance. ]

Annotations:

Amendments:

F61

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 12, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).

Editorial Notes:

E40

Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 37) Regulations 1996 (S.I. No. 129 of 1996).

Enforceability.

38

38.A creditor shall not be entitled to enforce a credit agreement or any contract of guarantee relating thereto, and no security given by the consumer in respect of money payable under the credit agreement or given by a guarantor in respect of money payable under such contract of guarantee as aforesaid shall be enforceable against the consumer or guarantor by any holder thereof, unless the requirements specified in this Part have been complied with:

Provided that if a court is satisfied in any action that a failure to comply with any of the aforesaid requirements, other than section 30 , was not deliberate and has not prejudiced the consumer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it sees fit to impose, decide that the agreement shall be enforceable.

Obligations on creditors to comply with Part III .

39

39.A creditor being a credit institution, a moneylender or whose business or trade is or includes the sale of goods or supply of services who is a party to a credit agreement to which this Part applies shall ensure that the agreement complies with this Part and any regulations made under section 37 .

PART IV

Matters Arising During Currency of Agreements

Annotations:

Modifications (not altering text):

C14

Application of Part restricted (11.06.2010) by European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010), reg. 4(2), (4), in effect as per reg. 2, as substituted (20.12.2012) by European Union (Consumer Credit Agreements) (Amendment) Regulations 2012 (S.I. No. 579 of 2012), reg. 2(c).

Relationship of Parts 2 to 7 of these Regulations with Consumer Credit Act 1995

4. ...

[(2) Subject to paragraph (4), parts III (other than sections 30(1) and (4)), IV (other than sections 42, 46, 47 and 48) and V of the Act of 1995 do not apply in relation to a credit agreement to which Parts 2 to 7 apply. ]

...

[(4) Paragraph (2) does not affect the operation of any provision of Part III, IV or V of the Act of 1995 in relation to a contract of guarantee that relates to a credit agreement. ]

(5) Nothing in this Regulation affects the operation of any provision of the Act of 1995 in relation to advertising, or a credit agreement, to which Parts 2 to 7 of these Regulations do not apply.

...

Assignment of creditor's or owner's rights.

40

40.Where a creditor's or owner's rights under an agreement are assigned to a third person, the consumer shall be entitled to plead against that third person any defence which was available to him against the original creditor including set-off.

Use of bills of exchange, etc.

41

41. (1) Where a bill of exchange or a promissory note is given to a creditor by a consumer as part of, or in connection with, a credit agreement, or is given as security for a credit agreement, the existence of the bill or note shall not affect the rights and protections available to the consumer by virtue of this Act.

(2) Where a bill of exchange or a promissory note is negotiated by the creditor to a third party, the consumer may, notwithstanding anything in the Bills of Exchange Act, 1882, in any proceedings for the enforcement of the bill or note, plead against that third party any defence available to him against the creditor.

Liability regarding goods and services.

42

42. (1) The existence of a credit agreement shall not in any way affect the rights of the consumer under the Act of 1980 against the supplier of goods or services purchased by means of such an agreement in cases where the goods or services are not supplied or are otherwise not in conformity with the contract for their supply.

(2) Where—

( a) in order to buy goods or obtain services, a consumer enters into a credit agreement with a person other than the supplier of them,

( b) the creditor and the supplier of the goods or services have a pre-existing agreement whereunder credit is made available exclusively by that creditor to customers of that supplier for the acquisition of goods or services from the supplier,

( c) the consumer referred to in paragraph (a) obtains his credit pursuant to that pre-existing agreement,

( d) the goods or services covered by the credit agreement are not supplied, or are supplied only in part, or are not in conformity with the contract for the supply of them, and

( e) the consumer has pursued his remedies against the supplier but has failed to obtain the satisfaction to which he is entitled,

the consumer shall have the right to take proceedings against the creditor.

(3) This section does not apply to housing loans.

Duty to supply documents and information.

43

43. (1) Subject to this section, a creditor or an owner shall during the currency of the agreement provide, within 10 days of receipt of a written request by a consumer who is party to the agreement or if that consumer so requires any person specified by him in the request, a copy of the written agreement or a statement of—

( a) the amount paid,

( b) the amount, if any, due but unpaid, and the date and amount of each instalment that remains unpaid, and

( c) the total amount outstanding and the date and amount of each outstanding instalment,

under the agreement.

(2) A creditor or an owner shall not, without reasonable cause, fail to comply within 10 days with a request under subsection (1).

(3) If the default described in subsection (2) continues for a further period of 14 days, then while the default so continues, the creditor or the owner, as the case may be, shall not be entitled to enforce the agreement, or any right to recover goods, and any person shall not be entitled to enforce a security given under the agreement.

(4) Subsection (1) does not apply to a request made less than 4 weeks after a previous request under that subsection relating to the same credit agreement which was complied with.

F62 [ (5) A request referred to in subsection (1) must be accompanied by a fee of 2.50 or, if some other amount is specified in a regulation made by the Bank for the purposes of this subsection, that other amount. The Bank may make such a regulation only after consulting the Director. ]

(6) Subsection (5) shall not apply where the request is in relation to a moneylending agreement.

(7) This section does not apply to a housing loan.

Annotations:

Amendments:

F62

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12./2003), s. 35(1) and sch. 1 pt. 21 item 13, S.I. No. 160 of 2003.

Appropriation of payments.

44

44. (1) Subject to subsection (3), where there are two or more agreements between a consumer and the same creditor or owner and where the consumer makes a payment which is not sufficient to discharge the amount then due under all the agreements, the consumer shall be entitled to appropriate the payment towards the agreements as he sees fit and, if he fails to do so, the payment shall, subject to subsection (2), be appropriated by the creditor or owner, as the case may be, towards the agreements in proportion to the amounts due under the agreements.

(2) Where all the agreements to which subsection (1) applies are hire-purchase agreements, and one-third of the hire-purchase price has been paid under each of the agreements, the owner may, if the hirer has failed to do so, appropriate the payment as he sees fit otherwise the payment shall, by virtue of subsection (1), be appropriated towards the agreements in proportion to the amounts due under the agreements.

(3) This section does not apply where any of the agreements is a housing loan.

Restrictions on written communications.

45

45. (1) A creditor, owner or a person acting on his behalf shall not send to a consumer any F63 [ communication on paper ] relating to a credit agreement with that consumer unless the communication is sent in a sealed envelope having nothing written or printed thereon, other than—

( a) the name and address of the consumer, and

( b) at the discretion of the sender—

(i) the words “ personal” or “ private”, and

(ii) a P.O. Box number together with, if desired by the sender, the words “ If undelivered please return to” or similar words.

(2) Subject to subsection (3), a creditor, owner or a person acting on his behalf shall not send any written communication in connection with an agreement with that consumer to the consumer's employer or to any member of the consumer's family unless that employer or family member is a party to the agreement.

(3) Where the agreement referred to in subsection (2) is a housing loan, the creditor or a person acting on his behalf may—

( a) for the purposes of the Family Home Protection Act, 1976, send any written communication connected with the agreement to the consumer's spouse, or

F64 [ ( aa ) for the purposes of the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010, send any written communication connected with the agreement to the consumer s civil partner, or ]

( b) where the written consent of the consumer has been given, send any written communication connected with the agreement to any member of the consumer's family or to a person designated by the consumer.

Annotations:

Amendments:

F63

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 77, S.I. No. 287 of 2013.

F64

Inserted (1.01.2011) by Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010), s. 168 and sch. pt. 3 item 21, S.I. No. 648 of 2010.

Visits and telephone calls.

46

46.A creditor, owner or a person acting on his behalf shall not visit or telephone—

( a) a consumer without his consent—

(i) at his place of employment or business unless the consumer resides at that place and all reasonable efforts to make contact with him have failed,

(ii) at any place,

(I) between the hours of 9 o'clock in the evening on any week day and 9 o'clock in the morning on the following day, or

(II) at any time on a Sunday or a public holiday (within the meaning of the Holidays (Employees) Act, 1973),

( b) a consumer's employer or any member of the consumer's family unless that employer or family member is a party to the agreement, without the consent of the consumer, given in writing and separate from any other term of agreement,

for any purposes connected with an agreement other than the service of a document in connection with legal proceedings.

Excessive rates of charge for credit.

47

47. (1) A consumer or a person acting on the consumer's behalf may apply to the Circuit Court in whose Circuit the consumer resides or in which the agreement was made, for a declaration that the total cost of credit provided for in any agreement is excessive.

(2) Subject to this section, the Circuit Court may decide in any particular case coming before it, by an application under subsection (1), that the total cost of credit provided for in any credit agreement is excessive.

(3) In making the decision referred to in subsection (2) the court shall have regard to all relevant factors including—

( a) interest rates prevailing at the time the agreement was made or, where applicable, interest rates prevailing at any time during the currency of the agreement,

( b) the age, business competence and level of literacy and numeracy of the consumer,

( c) the degree of risk involved for the creditor and the security provided,

( d) the creditor's costs including the cost of collecting repayments, and

( e) the extent of competition for the type of credit concerned.

(4) This section does not apply to any credit agreement relating to credit advanced by a credit institution or a mortgage lender.

F65 [ (5) If an application is made under subsection (1) in relation to a credit agreement, the Circuit Court may not make a declaration under this section unless it has given the Bank an opportunity to be heard at the hearing to determine the application. ]

Annotations:

Amendments:

F65

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 14, S.I. No. 160 of 2003.

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

48

48. (1) Where the Circuit Court has decided by virtue of section 47 , that the total cost of credit is excessive, it may re-open the credit agreement so as to do justice between the parties and may decide to do any one or more of the following:

( a) relieve the consumer from payment of any sum in excess of the sum adjudged by the court to be fairly due in respect of such total cost of credit;

( b) set aside, either wholly or in part the agreement against the consumer;

( c) revise or alter the terms of the agreement; or

( d) order the repayment to the consumer of the whole or part of any sums paid.

(2) Where an agreement to which subsection (1) relates is a moneylending agreement the court may also order the F66 [ Bank ] to revoke, suspend or alter the moneylending licence of the holder concerned either immediately or as from such date as the court may decide.

Annotations:

Amendments:

F66

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 15, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).

Making demands and threats in relation to unenforceable agreements.

49

49. (1) A person shall not make a demand for payment or assert a present or prospective right to payment in respect of an agreement which is unenforceable under this Act.

(2) A person shall not, with a view to obtaining payment in respect of an agreement which is unenforceable under this Act—

( a) threaten to bring any legal proceedings,

( b) place or cause to be placed the name of any person on a list of defaulters or debtors or threaten to do so, or

( c) invoke or cause to be invoked any other collection procedure or threaten to do so.

(3) In any proceedings for an offence under this section, it shall be a defence for the person to show that he had reasonable cause to believe that there was a right to payment.

Cooling-off period.

50

50. (1) Subject to subsections (2) and (4), a consumer may withdraw from an agreement within 10 days of receiving it or a copy thereof (“the cooling-off period”) by giving written notice to this effect to the creditor or the owner, as the case may be.

(2) A consumer may forego his right to a cooling-off period in any credit agreement by signing a statement to this effect separately from any other term of the agreement.

(3) A statement by which a consumer forgoes the right to a cooling-off period shall carry in a prominent position:

“WARNING

THIS WAIVER MEANS YOU ARE GIVING UP YOUR RIGHT TO A 10 DAY PERIOD TO RECONSIDER YOUR COMMITMENT TO THE AGREEMENT.”.

(4) This section does not apply to a housing loan or credit availed of by means of a credit card or an overdraft facility offered by a credit institution.

PART V

Matters Arising on Termination of Agreements or on Default

Annotations:

Modifications (not altering text):

C15

Application of Part restricted (11.06.2010) by European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010), reg. 4(2), (4), in effect as per reg. 2, as substituted (20.12.2012) by European Union (Consumer Credit Agreements) (Amendment) Regulations 2012 (S.I. No. 579 of 2012), reg. 2(c).

Relationship of Parts 2 to 7 of these Regulations with Consumer Credit Act 1995

4. ...

[(2) Subject to paragraph (4), parts III (other than sections 30(1) and (4)), IV (other than sections 42, 46, 47 and 48) and V of the Act of 1995 do not apply in relation to a credit agreement to which Parts 2 to 7 apply. ]

...

[(4) Paragraph (2) does not affect the operation of any provision of Part III, IV or V of the Act of 1995 in relation to a contract of guarantee that relates to a credit agreement. ]

(5) Nothing in this Regulation affects the operation of any provision of the Act of 1995 in relation to advertising, or a credit agreement, to which Parts 2 to 7 of these Regulations do not apply.

...

Application of Part V .

51

51.This Part shall apply to any agreement other than a housing loan.

52

F67 [ Consumer entitled to discharge agreement early.

52. (1) A consumer is entitled to discharge the consumer s obligations under an agreement at any time before the time fixed by the agreement for its termination.

(2) The consumer shall exercise the entitlement by giving notice of termination in writing to the creditor or the owner (as the case requires) of the consumer's intention to determine the agreement.

(3) Where the consumer exercises the entitlement, the creditor or owner shall allow a reduction in the total cost of credit under the agreement.

(4) Except where subsection (6) applies, the reduction is to be calculated in accordance with a method or formula approved for that purpose by the Bank.

(5) The Bank may approve different methods or formulas for the purpose of subsection (4) .

(6) The Minister for Finance may, after consulting the Bank, make a regulation prescribing a method or formula for calculating the reduction in the total cost of credit under agreements generally or any class of agreement.

(7) A method or formula prescribed by a regulation made under subsection (6) replaces a method or formula approved under subsection (4) to the extent that the regulation purports to supersede the method or formula so approved. ]

Annotations:

Amendments:

F67

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 16, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 24.

53

F68 [ Reduction where amount owed becomes payable before time fixed by agreement

53. (1) A consumer is entitled to a reduction in the total cost of credit under an agreement if for any reason

( a ) the amount owed by the consumer becomes payable before the time fixed by the agreement, or

( b ) any money becomes payable by the consumer before the time so fixed.

(2) Except where subsection (3) applies, the reduction is to be calculated in accordance with a method or formula approved for that purpose by the Bank.

(3) The Minister for Finance may, after consultation with the Bank, make a regulation prescribing a method or formula for calculating the reduction in the total cost of credit under agreements generally or any class of agreement.

(4) A method or formula prescribed by a regulation made under subsection (3) replaces a method or formula approved under subsection (2) to the extent that the regulation purports to supersede the method or formula so approved. ]

Annotations:

Amendments:

F68

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 17, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 24.

Limitation on right of enforcement.

54

54. (1) A creditor or an owner shall not enforce a provision of an agreement by—

( a) demanding early payment of any sum,

( b) recovering possession of any goods (save where the goods are in imminent danger of being damaged or stolen), or

( c) treating any right conferred on the consumer by the agreement as determined, restricted or deferred,

unless he has served on the consumer, at least 10 days before he proposes to take any action, a notice which shall specify the following:

(i) details of the agreement sufficient to identify it;

(ii) the name and address of the creditor or owner, as the case may be;

(iii) the name and address of the consumer;

(iv) the term of the agreement to be enforced; and

(v) a statement of the action he intends to take to enforce the term of the agreement, the manner and circumstances in which he intends to take such action and the date on or after which he intends to take such action.

(2) A creditor or an owner shall not, by reason of any breach by a consumer of an agreement—

( a) determine the agreement,

( b) demand early payment of any sum,

( c) recover possession of the goods,

( d) treat any right conferred on the consumer by the agreement as determined, restricted or deferred, or

( e) enforce any security,

unless he has served on the consumer, not less than 10 days before he proposes to take any action, a notice which shall specify the following:

(i) details of the agreement sufficient to identify it;

(ii) the name and address of the creditor or owner, as the case may be;

(iii) the name and address of the consumer;

(iv) the nature of the alleged breach;

(v) either—

(I) if the breach is capable of remedy, what action is required to remedy it and the date before which that action is to be taken, which date shall be not less than 21 days after the date of service of the notice, or

(II) if the breach is not capable of remedy, the sum, if any, required to be paid as compensation for the breach and the date before which it is to be paid, which date shall be not less than 21 days after the date of service of the notice; and

(vi) information about the consequences of failure to comply with the notice.

(3) If the consumer takes the action specified under subparagraphs (v) (I) or (v) (II) of subsection (2), before the date specified for that purpose in the notice, the breach shall be treated as not having occurred, in any records maintained for information on the consumer's credit record.

(4) Notwithstanding this section, a creditor or an owner may apply to a court of competent jurisdiction in any particular case to have the provisions of this section dispensed with where the court is satisfied that it would be just and equitable to do so.

Unjustified enrichment.

55

55.Where a creditor or an owner is compensated or recovers possession of goods in any action by virtue of this Act the court shall ensure that the compensation or repossession does not entail any unjustified enrichment of the creditor or the owner, as the case may be.

PART VI

Hire-Purchase Agreements

Application of Part VI .

56

56.This Part shall apply to hire-purchase agreements.

Requirement to state cash price.

57

57. (1) Before any hire-purchase agreement is entered into in respect of any goods, the owner shall state in writing the cash price to the prospective hirer, other than in the agreement.

(2) Subsection (1) shall be deemed to have been complied with—

( a) if the hirer has inspected the goods or like goods and at the time of his inspection tickets or labels were attached to or displayed with the goods clearly stating the cash price, either of the goods as a whole or of all the different articles or sets of articles comprised therein, or

( b) if the hirer has selected the goods by reference to a catalogue, price list or advertisement which clearly stated the cash price of the goods as a whole or of all the different articles or sets of articles comprised therein.

Contents of hire-purchase agreements.

58

58. (1) A hire-purchase agreement and any contract of guarantee relating thereto shall be made in writing and signed by the hirer and by or on behalf of all other parties to the agreement, and—

( a) a copy of the agreement shall be—

(i) handed personally to the hirer upon the making of the agreement, or

(ii) delivered or sent to the hirer by the owner within 10 days of the making of the agreement, and

( b) in the case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be—

(i) handed personally to the guarantor upon the making of the contract, or

(ii) sent within 10 days of the making of any contract by the F69 [ owner ] to the guarantor.

(2) A hire-purchase agreement shall contain a statement of—

( a) the hire-purchase price,

( b) the cash price of the goods to which the agreement relates,

( c) the amount of each of the instalments by which the hire-purchase price is to be paid,

( d) the date, or the method of determining the date, upon which each instalment is payable,

( e) the number of instalments,

( f) the names and addresses of all parties to the agreement at the time of its making, and

( g) any costs or penalties to which the hirer will become liable for any failure by the hirer to comply with the terms of the agreement.

(3) A hire-purchase agreement shall contain a list of the goods to which the agreement relates sufficient to identify them.

(4) A hire-purchase agreement shall contain a notice which is at least as prominent as the rest of the contents of the agreement, in the terms specified in the Fifth Schedule .

(5) A hire-purchase agreement shall contain in respect of the cooling-off period a statement that the hirer—

( a) has a right to withdraw from the agreement without penalty if the hirer gives written notice to this effect to the F69 [ owner ] within a period of 10 days of the date of receipt by the hirer of a copy of the agreement, or

( b) may indicate that he does not wish to exercise this right by signing a statement to this effect, this signature to be separate from, and additional to, the hirer's signature in relation to any of the terms of the agreement.

(6) A hire-purchase agreement shall contain a statement to the effect that a hirer is obliged to give the owner information under section 69 as to the whereabouts of the goods to which the agreement relates.

(7) A hire-purchase agreement shall contain in a prominent position the words “ Hire-purchase agreement ”.

Annotations:

Amendments:

F69

Substituted (13.05.1996) by Consumer Credit Act, 1995 (Section 60) Regulations 1996 (S.I. No. 130 of 1996), reg. 2.

Enforceability.

59

59.An owner shall not be entitled to enforce a hire-purchase agreement or any contract of guarantee relating thereto or any right to recover the goods from the hirer, and no security given by the hirer in respect of money payable under the hire-purchase agreement or given by a guarantor in respect of money payable under such contract of guarantee as aforesaid shall be enforceable against the hirer or guarantor by any holder thereof, unless the requirements specified in sections 57 and 58 have been complied with:

Provided that if a court is satisfied in any action that a failure to comply with any of the aforesaid requirements, other than section 58 (1) , was not deliberate and has not prejudiced the hirer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it sees fit to impose, decide that the agreement shall be enforceable.

60

F70 [ Regulations relating to form and content of hire-purchase agreements.

60. (1) The Bank may make regulations amending section 58 or the Fifth Schedule with respect to the form or content of hire-purchase agreements.

(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance. ]

Annotations:

Amendments:

F70

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 18, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).

Editorial Notes:

E41

Power pursuant to section exercised (8.08.1996) by Consumer Credit Act, 1995 (Section 60) (No. 2) Regulations 1996 (S.I. No. 246 of 1996).

E42

Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 60) Regulations 1996 (S.I. No. 130 of 1996).

Obligation on owners to comply with sections 58 and 60 .

61

61.An owner who is a party to a hire-purchase agreement shall ensure that the contents of the agreement comply with section 58 and any regulations made under section 60 .

Avoidance of certain provisions in hire-purchase agreements.

62

62. (1) Subject to subsection (2), any provision in any hire-purchase agreement whereby—

( a) an owner or a person acting on the owner's behalf is authorised to enter upon any premises for the purpose of taking possession of goods which have been let under a hire-purchase agreement,

( b) the right conferred on a hirer by this Part to determine a hire-purchase agreement is excluded or restricted,

( c) any liability in addition to the liability imposed by this Part is imposed on a hirer by reason of the termination of the hire-purchase agreement by the hirer under this Part,

( d) a hirer, after the determination of the hire-purchase agreement or the bailment in any manner whatsoever, is subject to a liability which exceeds the liability to which he would have been subject if the agreement had been determined by him under this Part,

( e) any person acting on behalf of an owner or seller in connection with the formation or conclusion of a hire-purchase agreement is treated as or deemed to be the agent of the hirer, or

( f) an owner or seller is relieved from liability for the acts or defaults of any person acting on his behalf in connection with the formation or conclusion of a hire-purchase agreement,

shall be void.

(2) Subsection (1) does not apply in relation to a provision in a hire-purchase agreement whereby an owner of a motor vehicle which has been let under a hire-purchase agreement or a person acting on his behalf—

( a) authorised to enter premises (other than a house used as a dwelling or any building within the curtilage thereof) for the purpose of taking possession of the motor vehicle, or

( b) relieved from liability for any such entry.

Rights of hirer to determine hire-purchase agreement.

63

63. (1) A hirer shall at any time before the final payment under a hire-purchase agreement falls due, be entitled to determine the agreement by giving notice of termination in writing to the owner or any person entitled or authorised to receive the sums payable under the agreement.

(2) Where a hire-purchase agreement has been determined under this section, the hirer shall, without prejudice to any liability which has accrued before termination, have the option to either—

( a) pay the amount, if any, by which one-half of the hire-purchase price exceeds the total of the sums paid and the sums due in respect of the hire-purchase price immediately before termination, or such less amount as may be specified in the agreement, or

( b) purchase the goods by paying the difference between the amount already paid under the agreement and the hire-purchase price after the latter amount has been reduced in accordance with section 52 or 53 , or such lesser amount as may be specified in the agreement.

(3) Where a hire-purchase agreement has been determined under this section, the hirer shall, if he has failed to take reasonable care of the goods, be liable to pay for the failure.

(4) Where a hirer, having determined a hire-purchase agreement under this section, wrongfully retains possession of the goods, then in any action brought by the owner to recover possession of the goods from the hirer, the court shall, unless it is satisfied that having regard to the circumstances it would not be just and equitable so to do, order the goods to be delivered to the owner, without giving the hirer the option to pay the value of the goods.

(5) Nothing in this section shall prejudice any right of a hirer to determine a hire-purchase agreement otherwise than by virtue of this section.

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

64

64. (1) Subject to subsection (3), where goods have been let under a hire-purchase agreement and one-third of the hire-purchase price has been paid or tendered by or on behalf of the hirer or any guarantor, the owner shall not enforce any right to recover possession of the goods from the hirer otherwise than by legal proceedings.

(2) If an owner recovers possession of goods in contravention of subsection (1), the hire-purchase agreement, if not previously determined, shall determine, and—

( a) the hirer shall be released from all liability under the agreement, and shall be entitled to recover from the owner all sums paid by the hirer under the agreement or under any security given by him in respect thereof, and

( b) any guarantor shall be entitled to recover from the owner in an action all sums paid by him under the contract of guarantee or under any security given by him in respect thereof.

(3) Where the owner of a motor vehicle let under a hire-purchase agreement has commenced legal proceedings to recover possession of the vehicle from the hirer and it has been abandoned or left unattended in circumstances which have resulted or are likely to result in damage to the vehicle, the owner shall be entitled to enforce a right to recover possession of the vehicle and to retain possession thereof pending the outcome of the proceedings.

(4) If a hirer refuses to give up possession of goods to an owner whose right to recover possession is restricted by subsection (1), the hirer shall not be liable, by reason only of the refusal, for conversion of the goods.

(5) In this section a reference to the hire-purchase price includes any installation charge provided for in the hire-purchase agreement.

Hire-purchase price.

65

65. (1) In this Part “ hire-purchase price” means the total sum payable by the hirer under a hire-purchase agreement in order to complete the purchase of the goods to which the agreement relates, exclusive of any sum payable as a penalty or as compensation or damages for a breach of the agreement.

(2) Where an owner has agreed that any part of the hire-purchase price may be discharged otherwise than by payment of cash, any such discharge shall for the purposes of this Act, be deemed to be a payment of that part of the hire-purchase price.

(3) Any sum payable by the hirer under a hire-purchase agreement by way of a deposit or other initial payment, or credited or to be credited to the hirer under such an agreement or account of any such deposit or payment, whether that sum is to be or has been paid to the owner or to any other person or is to be or has been discharged by a payment of cash or by the transfer or delivery of goods or by any other means shall form part of the hire-purchase price.

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

66

66. (1) Where legal proceedings by virtue of section 64 have been commenced the owner shall not enforce or attempt to enforce payment other than in those proceedings or any negotiations connected with those proceedings.

(2) Pending the hearing of an action, or any settlement, in relation to such proceedings the court may, on the application of the owner, make such order as it thinks fit for the protection of the goods.

(3) On hearing the action, the court may, without prejudice to any other power—

( a) order the delivery of the goods to the owner,

( b) order such delivery but postpone its operation subject to such conditions as the court thinks fit, or

( c) order—

(i) the transfer to the hirer of title to part of the goods, and

(ii) delivery of the remainder to the owner, subject to such conditions as the court thinks fit.

(4) Where the operation of an order is postponed under subsection (3) (b) the agreement shall continue to operate except that—

( a) no further sum shall become payable on account of the unpaid balance except as provided for in the order, and

( b) the court may modify the terms of the agreement as it thinks fit.

(5) Where an owner has recovered a part of the goods let under a hire-purchase agreement, and the recovery was effected in contravention of section 64 , the provisions of this section shall not apply in relation to any action by the owner to recover the goods.

Liability for failure to take reasonable care of goods.

67

67.Where a hire-purchase agreement has been determined under section 63 , the hirer shall, if he has failed to take reasonable care of the goods, be liable to pay damages for the failure.

Liability of guarantor where goods are returned to the owner.

68

68.Where an owner has recovered possession of goods let under a hire-purchase agreement, whether as a result of legal proceedings or otherwise, the liability of the guarantor shall be limited to the amount which would have been payable by the hirer if he had determined the agreement under section 63 .

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

69

69.Where by virtue of a hire-purchase agreement a hirer is under a duty to keep the goods comprised in the agreement in his possession or control, the hirer shall, within 10 days of receipt of a request in writing from the owner inform the owner where the goods are at the time when the information is given or, if it is sent by post, at the time of the posting.

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

70

70.Where goods of any class or description are let under a hire-purchase agreement to a dealer who deals in goods of that class or description and the dealer sells the goods when ostensibly acting in the ordinary course of his business, the sale shall be valid as if the dealer were expressly authorised by the owner to make the sale:

Provided that the buyer acts in good faith and has not at the time of the sale notice that the dealer has no authority to make the sale.

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

71

71. (1) Where, in an action by an owner of goods which have been let under a hire-purchase agreement to enforce a right to recover possession of the goods from the hirer, the owner proves that, before the commencement of the action and after the right to recover possession of the goods accrued, the owner made a request in writing to the hirer to surrender the goods, the hirer's possession of the goods shall, for the purpose of the owner's claim to recover possession thereof, be deemed to be adverse to the owner.

(2) Nothing in subsection (1) shall affect a claim for adverse conversion.

Successive hire-purchase agreements between the same parties.

72

72.Where goods have been let under a hire-purchase agreement at any time after one-third of the hire-purchase price has been paid or tendered the owner makes a further hire-purchase agreement with the hirer comprising the goods, the provisions of sections 64 and 66 shall have effect in relation to that further agreement as from its making.

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

73

73.If, whilst by virtue of this Part the enforcement by an owner of a right to recover possession of goods from a hirer is subject to any restriction, the hirer refuses to give up possession of the goods to the owner, the hirer shall not, by reason only of the refusal, be liable to the owner for the conversion of the goods.

Implied terms as to title.

74

74. (1) In every hire-purchase agreement, other than one to which subsection (2) applies, there shall be—

( a) an implied condition on the part of the owner that he will have a right to sell the goods at the time when the property is to pass, and

( b) an implied warranty that the goods are free, and will remain free until the time when the property is to pass, from any charge or encumbrance not disclosed to the hirer before the agreement is made and that the hirer shall have and enjoy quiet possession of the goods except so far as it may be disturbed by any person entitled to the benefit of any charge or encumbrance so disclosed.

(2) In a hire-purchase agreement, in the case of which there appears from the agreement or is to be inferred from the circumstances of the agreement an intention that the owner should transfer only such title as he or a third person may have, there shall be—

( a) an implied warranty that all charges or encumbrances known to the owner have been disclosed to the hirer before the agreement is made, and

( b) an implied warranty that neither—

(i) the owner, nor

(ii) in a case where the parties to the agreement intend that any title which may be transferred shall be only such title as a third person may have, that person, nor

(iii) anyone claiming through or under the owner or that third person otherwise than under a charge or encumbrance disclosed to the hirer before the agreement is made,

will disturb the hirer's quiet possession of the goods.

(3) Nothing in this section shall prejudice the operation of any other enactment or rule of law whereby any condition or warranty is to be implied by a hire-purchase agreement.

Letting by description.

75

75. (1) Where under a hire-purchase agreement goods are let by description, there shall be an implied condition that the goods will correspond with the description, and if under the agreement the goods are let by reference to a sample as well as a description it is not sufficient that the bulk of the goods corresponds with the sample if the goods do not also correspond with the description.

(2) Goods shall not be prevented from being let by description by reason only that, being exposed for sale or hire, they are selected by the hirer.

(3) A reference to goods on a label or other descriptive matter accompanying goods exposed for sale or hire may constitute or form part of a description.

Implied undertakings as to quality or fitness.

76

76. (1) Except as provided by this section and subject to the provisions of any other enactment, there is no implied condition or warranty as to the quality or fitness for any particular purpose of goods let under a hire-purchase agreement.

(2) Where the owner lets goods under a hire-purchase agreement in the course of a business, there is an implied condition that the goods are of merchantable quality within the meaning of section 14 (3) of the Sale of Goods Act, 1893, except that there shall be no such condition—

( a) as regards defects specifically drawn to the hirer's attention before the agreement is made, or

( b) if the hirer examines the goods before the agreement is made, as regards defects which that examination ought to have revealed.

(3) Where the owner lets goods under a hire-purchase agreement in the course of a business and the hirer, expressly or by implication, makes known to the owner or the person by whom any antecedent negotiations are conducted, any particular purpose for which the goods are being hired, there shall be an implied condition that the goods supplied under the agreement are reasonably fit for that purpose, whether or not that is a purpose for which such goods are commonly supplied, except where the circumstances show that the hirer does not rely, or that it is unreasonable for him to rely, on the skill or judgment of the owner or that person.

(4) An implied condition or warranty as to quality or fitness for a particular purpose may be annexed to a hire-purchase agreement by usage.

(5) The foregoing provisions of this section apply to a hire-purchase agreement made by a person who in the course of a business is acting as agent for the owner as they apply to an agreement made by the owner, except where the owner is not letting in the course of a business and either the hirer knows that fact or reasonable steps are taken to bring it to the notice of the hirer before the agreement is made.

Samples.

77

77.Where under a hire-purchase agreement goods are let by reference to a sample, there shall be an implied condition—

( a) that the bulk will correspond with the sample in quality, and

( b) that the hirer will have a reasonable opportunity of comparing the bulk with the sample, and

( c) that the goods will be free from any defect, rendering them unmerchantable within the meaning of section 14 (3) of the Sale of Goods Act, 1893, which would not be apparent on reasonable examination of the sample.

Statements purporting to restrict rights of hirer.

78

78. (1) Subsections (2) and (3) apply to any statement likely to be taken as indicating that a right or the exercise of a right conferred by or a liability arising by virtue of section 74, 75, 76 or 77 is restricted or excluded otherwise than under section 79 .

(2) A person in the course of business shall not do any of the following things in relation to a statement to which subsection (1) refers:

( a) display on any part of any premises a notice that includes any such statement;

( b) publish or cause to be published an advertisement which contains any such statement;

( c) supply goods bearing, or goods in a container bearing, any such statement; or

( d) otherwise furnish or cause to be furnished a document including any such statement.

(3) For the purposes of this section a statement to the effect that goods will not be exchanged, or that money will not be refunded, or that only credit notes will be given for goods returned, shall be treated as a statement to which subsection (1) refers unless it is so clearly qualified that it cannot be construed as applicable in circumstances in which the hirer may be seeking to exercise a right conferred by any provision of a section mentioned in subsection (1).

(4) A person in the course of a business shall not furnish to a hirer goods bearing, or goods in a container bearing, or any document including, any statement, irrespective of its legal effect, which sets out, limits or describes rights conferred on a hirer or liabilities to the hirer in relation to the goods or any statement likely to be taken as such a statement, unless that statement is accompanied by a clear and conspicuous declaration that the contractual rights which the hirer enjoys by virtue of section 74, 75, 76 or 77 are in no way prejudiced by the relevant statement.

Exclusion of implied terms and conditions.

79

79. (1) An express condition or warranty does not negative a condition or warranty implied by this Part unless inconsistent therewith.

(2) A term of a hire-purchase agreement or any other agreement exempting from all or any of the provisions of section 74 shall be void.

(3) A term of a hire-purchase agreement or any other agreement exempting from all or any of the provisions of section 75, 76 or 77 shall be void and shall not be enforceable unless it is shown that it is fair and reasonable.

(4) Subsection (3) shall not prevent a court from holding, in accordance with any rule of law, that a term which purports to exclude or restrict any of the provisions of section 75, 76 or 77 is not a term of the hire-purchase agreement.

(5) Any reference in this section to a term exempting from all or any of the provisions of any section of this Part is a reference to a term which purports to exclude or restrict, or has the effect of excluding or restricting, the operation of all or any of the provisions of that section, or the exercise of a right conferred by any provision of that section, or any liability of the owner for breach of a condition or warranty implied by any provision of that section.

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

80

80.Where goods are let under a hire-purchase agreement to a hirer, the person, if any, by whom the antecedent negotiations were conducted shall be deemed to be a party to the agreement and that person and the owner shall, jointly and severally, be answerable to the hirer for breach of the agreement and for any misrepresentations made by that person with respect to the goods in the course of the antecedent negotiations.

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

81

81.Where goods are let under a hire-purchase agreement, section 12 (which relates to warranties for spare parts and servicing) of the Act of 1980 and sections 15 to 19 (which relate to guarantees and undertakings) of the Act of 1980 shall have effect as if a contract for the sale of goods were a hire-purchase agreement, the buyer were the hirer and the person by whom the antecedent negotiations were conducted were the seller.

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

82

82.Where a motor vehicle is let under a hire-purchase agreement, section 13 (which relates to an implied condition on sale of motor vehicles) of the Act of 1980 shall have effect as if a contract for sale were a hire-purchase agreement, the buyer were the hirer and the person by whom the antecedent negotiations were conducted were the seller, and the owner shall, jointly with that person and severally, be answerable to the hirer for breach of the implied condition.

Antecedent negotiations and representations.

83

83. (1) In this Part “ antecedent negotiations”, in relation to a hire-purchase agreement, means any negotiations or arrangements with the hirer whereby he was induced to make the agreement or which otherwise promoted the transaction to which the agreement relates; and any reference to the person by whom any antecedent negotiations were conducted is a reference to that person by whom the negotiations or arrangements in question were conducted or made in the course of a business carried on by him.

(2) ( a) For the purposes of this Part any negotiations conducted or arrangements or representations made by a servant or agent, if conducted or made by him in the course of his employment or agency, shall be treated as conducted or made by his employer or principal; and anything received by a servant or agent, if received by him in the course of his employment or agency, shall be treated as received by his employer or principal.

( b) In this subsection “ representations” includes any statement or undertaking, whether constituting a condition or a warranty or not, and references to making representations shall be construed accordingly.

PART VII

Consumer-Hire Agreements

Contents of consumer-hire agreements.

84

84. (1) A consumer-hire agreement and any contract of guarantee relating thereto shall be made in writing and signed by the hirer and by or on behalf of all other parties to the agreement, and—

( a) a copy of the agreement shall be—

(i) handed personally to the hirer upon the making of the agreement, or

(ii) delivered or sent to the F71 [ hirer ] by the owner within 10 days of the making of the agreement,

and

( b) in case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be—

(i) handed personally to the guarantor upon the making of the contract, or

(ii) sent within 10 days of the making of any contract by the F71 [ owner ] to the guarantor.

(2) A consumer-hire agreement shall contain a statement of—

( a) the cash price of the goods to which the agreement relates,

( b) the amount of each instalment to be paid by the hirer under the agreement,

( c) the date, or the method of determining the date, upon which each instalment is payable,

( d) where the agreement is for a specified period—

(i) the number of instalments, and

(ii) the total amount payable under the agreement (including taxes),

( e) the name and address of the supplier of the goods to which the agreement relates,

( f) any additional costs to be paid,

( g) the cost of any early termination by the hirer of the agreement,

( h) the names and addresses of all parties to the agreement at the time of its making, and

( i) any costs or penalties to which the hirer will become liable for any failure by the hirer to comply with the terms of the agreement.

(3) A consumer-hire agreement shall contain a list of the goods to which the agreement relates sufficient to identify them.

(4) A consumer-hire agreement shall contain a notice, which is at least as prominent as the rest of the contents of the agreement, to the effect that the agreement is for the letting of goods which remain the property of the owner.

(5) A consumer-hire agreement shall contain, in respect of the cooling-off period, a statement that the hirer—

( a) has a right to withdraw from the agreement without penalty if the hirer gives written notice to this effect to the F71 [ owner ] within a period of 10 days of the date of receipt by the hirer of a copy of the agreement, or

( b) may indicate that he does not wish to exercise this right by signing a statement to this effect, this signature to be separate from, and additional to, the hirer's signature in relation to any of the terms of the agreement.

(6) A consumer-hire agreement shall contain a statement to the effect that a hirer is obliged to give the owner information under section 91 as to the whereabouts of the goods to which the agreement relates.

(7) A consumer-hire agreement shall contain in a prominent position the words Consumer-hire agreement.

Annotations:

Amendments:

F71

Substituted (13.05.1996) by Consumer Credit Act, 1995 (Section 86) Regulations 1996 (S.I. No. 131 of 1996), reg. 2.

Enforceability.

85

85.An owner shall not be entitled to enforce a consumer-hire agreement or any contract of guarantee relating thereto or any right to recover the goods from the hirer, and no security given by the hirer in respect of money payable under the consumer-hire agreement or given by a guarantor in respect of money payable under such contract of guarantee as aforesaid shall be enforceable against the hirer or guarantor by any holder thereof, unless the requirements specified in section 84 have been complied with:

Provided that if a court is satisfied in any action that a failure to comply with any of the aforesaid requirements, other than section 84 (1) , was not deliberate and has not prejudiced the hirer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it sees fit to impose, decide that the agreement shall be enforceable.

86

F72 [ Regulations relating to form and content of consumer-hire agreements.

86. (1) The Bank may make regulations amending section 84 with respect to the form or content of consumer-hire agreements.

(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance. ]

Annotations:

Amendments:

F72

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 19, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).

Editorial Notes:

E43

Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 86) Regulations 1996 (S.I. No. 131 of 1996).

Obligation on owners to comply with sections 84 and 86 .

87

87.An owner who is a party to a consumer-hire agreement shall ensure that the contents of the agreement comply with section 84 and any regulations made under section 86 .

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

88

88.Where goods are let under a consumer-hire agreement, the provisions of sections 75 to 83 shall apply to the agreement as if it were a hire-purchase agreement and in every such agreement there is an implied warranty that the goods are free, and will remain free, from any charge or encumbrance not disclosed, before the agreement is made, to the person taking the goods and that that person will enjoy quiet possession of the goods except so far as it may be disturbed by any person entitled to the benefit of any charge or encumbrance so disclosed.

Right of hirer to determine consumer-hire agreement.

89

89. (1) A hirer shall, at any time, be entitled to determine a consumer-hire agreement by giving notice of termination to the owner or any person entitled to receive the sums payable under the agreement.

(2) Where a notice is given under subsection (1) the agreement shall be determined after the expiration of the period of 3 months (or such lesser period as may be specified in the agreement) from the date of receipt of the notice.

Hirer to take reasonable care of goods.

90

90.A hirer shall take all reasonable care of goods which are let to him under a consumer-hire agreement and shall be liable to the owner if he fails to take such care.

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

91

91.A hirer shall, within 10 days of receipt of a request in writing from the owner of the goods let to the hirer under a consumer-hire agreement, inform the owner where the goods are at the time when the information is given or, if it is sent by post, at the time of posting.

PART VIII

Provisions Relating to Moneylending

92

F73 [ Application and interpretation of Part VIII.

92. (1) This Part applies to and in respect of moneylending agreements and to all transactions (whatever their form) that substantially involve moneylending.

(2) In this Part

authorised person means the Bank, a person authorised by the Bank for the purposes of this section, F74 [ ] an officer of the Bank or a member of the Garda S í och á na;

certified means certified by an authorised person. ]

Annotations:

Amendments:

F73

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 20, S.I. No. 160 of 2003.

F74

Deleted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 15(4) and sch. 2 pt. 4 item 4, S.I. No. 469 of 2010.

Moneylender's licence.

93

93. F75 [ (1) The Bank may grant to an applicant a moneylender s licence authorising the applicant to engage in the business of money-lending in a specified district court district on such terms and conditions as it thinks fit, but only after considering all objections made in respect of the application under subsection (2) . ]

(2) A person who intends to apply F76 [ ] for a moneylender’s licence shall before making such application cause to be published, in any national or local newspaper published in the State and circulating in the district court district that the applicant intends to engage or engages in the business of moneylending, notice of his intention.

F75 [ (3) An application for a moneylender s licence must

( a ) be in writing and in such form as the Bank may determine, and

( b ) be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942 , for the purposes of this section.

(4) The fee referred to in subsection (3)(b) may be fixed by reference to a district court district and lower fees may be fixed for additional district court districts.

(5) The application must contain the following information:

( a ) the true name and the business name (if any) of the applicant;

( b ) the name under which the applicant intends to engage in or engages in the business of moneylending;

( c ) the address of any premises at which the applicant is carrying on or proposes to carry on the business of moneylending;

( d ) an itemised statement of the proposed total cost of credit;

( e ) details of collection and all other charges not included in the cost of credit;

( f ) details of the applicant's terms and conditions for providing credit;

( g ) the name of every district court district in which the applicant carries on or proposes to carry on the business of moneylending;

( h ) a copy of any advertisement placed by the applicant as required under subsection (2) ;

( i ) such other information as the Bank may reasonably require. ]

(6) A person shall not wilfully give any information which is false or misleading in respect of an application for a moneylender's licence.

(7) A moneylender's licence shall be valid for the period of 12 months commencing on the date specified therein and shall expire at the end of that period.

(8) A moneylender's licence shall state—

( a) the true name and business name (if any) of the holder,

( b) the name under which the holder is authorised by the licence to engage in the business of moneylending,

( c) the address of the business premises of the holder, and

( d) the district court district or districts in which the holder is authorised to engage in the business of moneylending in respect of which the licence is granted,

( e) an itemised statement of the APR to be charged in relation to moneylending agreements by the holder,

( f) details of collection and other charges not included therein,

( g) statement of the licence holder's terms and conditions, and

( h) any restrictions to the licence.

(9) The holder of a moneylender's licence shall only engage in the business of moneylending in the name specified in the holder's licence.

(10) F75 [ The Bank may refuse to grant a moneylender's licence on one or more of the following grounds ]:

( a) the applicant or any business with which he was connected was, during the previous 5 years, convicted of an offence for contravening section 98 ,

( b) the Circuit Court has, during the previous 2 years, decided pursuant to section 47 in relation to an agreement between the applicant and a consumer that the total cost of credit was excessive,

( c) the applicant is the holder of—

(i) a bookmaker's licence issued under the Betting Act, 1931,

(ii) a licence for the sale of intoxicating liquor granted under the Licensing Acts, 1833 to 1994,

(iii) a gaming licence issued under the Gaming and Lotteries Act, 1956, or

(iv) a pawnbroker's licence granted under the Pawnbrokers Act, 1964, as amended by this Act,

F77 [ ( d ) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate in relation to the licence has been issued in accordance with the provisions of F78 [ section 1094 of the Taxes Consolidation Act, 1997 ] , ]

( e) the applicant or any person responsible or proposed to be responsible for the management of his business in relation to moneylending is by order of a court disqualified from holding a licence,

( f) the applicant is not or is no longer, in the opinion of the F75 [ Bank ], a fit and proper person to carry on the business of moneylending,

( g) in the F75 [ Bank ]'s opinion, the cost of credit to be charged is excessive or any of the terms or conditions attaching thereto are unfair, or

( h) in the case of an application for a second or subsequent moneylender's licence, the applicant did not engage in the business of moneylending according to the terms or conditions of the previous licence.

F79 [ (10A) ( a ) Where in relation to a moneylender s licence

(i) an application in accordance with F78 [ section 1094 of the Taxes Consolidation Act, 1997 ] , for a tax clearance certificate has been made

(I) not less than four months prior to the commencement date of such licence, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said F78 [ section 1094 ] ,

and in either case, the licence could, but for the provisions relating to a tax clearance certificate, have been issued, then

(I) in a case where a licence has been granted in respect of the previous licensing period, such licence may continue in force beyond its latest expiry date pending

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where a licence has not been granted in respect of the previous licensing period, a licence may be issued temporarily and remain in force pending

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the licence is duly deposited with the Director.

( b ) Every licence issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be a licence within the meaning of this section.

( c ) Where

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a) , or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to a licence is an acceptable application,

and where the tax clearance certificate has been issued; the licence continued in force or issued temporarily under this subsection shall expire upon the grant of a licence under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the licence.

( d ) Where

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a) , or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to a licence is a valid refusal,

the licence continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the licence was temporarily in force shall be repaid, ]

(11) The F75 [ Bank ] may—

( a) suspend or revoke a moneylender’s licence, or

( b) vary the terms or conditions of a moneylender’s licence,

if F76 [ ] satisfied that, since becoming the holder of a moneylender’s licence, a moneylender or any business with which he is connected has been convicted of an offence for contravening section 98 or a moneylender has become the holder of a licence referred to in subsection (10) (c) or has failed to comply with any of the terms or conditions of the licence.

(12) Whenever the F75 [ Bank ] proposes to refuse to grant, suspend, revoke or vary the terms or conditions of a moneylender's licence F75 [ it ] shall notify the applicant or the holder of the licence, as the case may be, of F75 [ its ] proposal and shall, if any representations are made to him in writing by such applicant or holder within 14 days of the notification, consider the representations.

F80 [ (13) If, having considered any representations that may have been made under subsection (12) , the Bank decides to refuse to grant a licence, it shall, by notice in writing, inform the applicant of the decision. The notice must specify the grounds for the decision.

(14) If, having considered any representations that may have been made under subsection (12) , the Bank decides to suspend or revoke a moneylender s licence, or to vary any term or condition of such a licence, it shall notify the decision to the holder of the licence, together with the grounds for the decision.

(15) The Bank shall deliver a notice referred to in subsection (13) or (14) personally or send it by prepaid registered post to the business address of the applicant for an authorisation or the holder of the authorisation concerned, as the case requires.

(16) The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942 :

( a ) a decision to refuse to grant a moneylender s licence;

( b ) a decision suspending or revoking such a licence;

( c ) a decision varying any term or condition of such a licence.

(17) If a notice under this section relates to a decision of the Bank

( a ) suspending or revoking a moneylender s licence, or

( b ) varying the terms or conditions of such a licence,

the decision takes effect at the end of the period allowed for appealing against the decision under Part VIIA of the Central Bank Act 1942 unless an appeal against the decision is lodged under that Part within that period. ]

(18) A decision of the Circuit Court on an appeal under subsection (13) shall be final save that, by leave of the Court, an appeal from the decision shall lie to the High Court on a specified question of law.

(19) F81 [ ]

Annotations:

Amendments:

F75

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 21(a), (c), (d)-(f), (h), (i), S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).

F76

Deleted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 21(b), (g), S.I. No. 160 of 2003.

F77

Substituted (1.01.1998) by Finance Act 1997 (22/1997), s. 160(2)(a)(i), commenced as per subs. (3)(a).

F78

Substituted (6.04.1997) by Taxes Consolidation Act 1997 (39/1997), s. 1100 and sch. 31, commenced as per s. 1097.

F79

Inserted (1.01.1998) by Finance Act 1997 (22/1997), s. 160(2)(a)(ii), commenced as per subs. (3)(a).

F80

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 1, S.I. No. 455 of 2004.

F81

Deleted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 1, S.I. No. 455 of 2004.

F82

Substituted by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 1; not commenced as of date of revision.

Modifications (not altering text):

C16

Prospective affecting provision: subs. (18) substituted by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 1; not commenced as of date of revision.

F82 [ (18) If an appeal is lodged under Part VIIA of the Central Bank Act 1942 by a holder of a moneylender's licence against a decision of the Bank

( a ) suspending or revoking such a licence, or

( b ) varying the terms or conditions of such a licence,

the decision does not take effect unless it is confirmed by the Irish Financial Services Appeals Tribunal or the appeal is withdrawn. ]

Editorial Notes:

E44

Previous affecting provision: applications for licence under subs. (3) exempted from fee (16.07.2004) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004), reg. 4(a)(ii); revoked (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011), reg. 11.

E45

Previous affecting provision: subss. (13), (17) and (19) amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 21(f), S.I. No. 160 of 2003; subsections substituted and deleted as per F-note above.

Obligation on moneylender to display licence.

94

94.The holder of a moneylender's licence shall display in a prominent position F83 [ a certified copy ] of the licence and any terms or conditions attached thereto in any premises where the holder engages in the business of moneylending.

Annotations:

Amendments:

F83

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 22, S.I. No. 160 of 2003.

“Moneylending agreement” to be stated in agreement.

95

95.A moneylender shall ensure that any moneylending agreement to which he is a party shall contain in a prominent position the words “ Moneylending agreement ”.

96

F84 [ Money- lender s licence not to be altered or falsified.

96. (1) A person, other than an authorised person, shall not alter or attempt to alter a moneylender s licence or an authorised copy of such a licence.

(2) A person shall not falsify or attempt to falsify a moneylender s licence or a certified copy of such a licence. ]

Annotations:

Amendments:

F84

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 23, S.I. No. 160 of 2003.

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

97

97. (1) A holder of a moneylender's licence shall issue, in writing and in such form as may be specified by the F85 [ Bank ], to any person engaging in the business of moneylending on his behalf, at a place other than a business premises of the holder used for moneylending, authorisation to so engage, signed by or on behalf of the licence holder.

(2) An authorisation issued under subsection (1) shall cease to have effect should the moneylender who issued it cease to be the holder of a moneylender’s licence.

(3) A person shall not engage in the business of moneylending on behalf of the holder of a moneylender’s licence at a place other than the business premises of the holder unless he holds an authorisation issued under subsection (1).

(4) A person shall not alter, deface or falsify or attempt to alter, deface or falsify an authorisation issued under subsection (1).

(5) In any proceedings for an offence for contravening subsection (3) it shall be a defence for the accused to show that he had reasonable grounds to believe that any authorisation issued to him to engage in moneylending on behalf of a moneylender was bona fide issued under this section and in force.

Annotations:

Amendments:

F85

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 24, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).

Prohibition on engaging in business of moneylending without licence.

98

98. (1) A person shall not engage in the business of moneylending on his own behalf unless—

( a) he is the holder of a moneylender's licence, and

( b) he maintains a business premises for that purpose which is not used as a residence by any person.

(2) A person shall not engage in the business of moneylending on behalf of a moneylender who is not the holder of a moneylender's licence.

(3) Where a member of the Garda Síochána has reasonable cause to suspect that a person in a public place is engaging in the business of moneylending in contravention of this section, the member may, without warrant, stop, question, search (if need be by force) and remove from that person any documents or money which the member reasonably believes may be in that person's possession for the purpose of moneylending.

(4) A person shall not obstruct or interfere with a member of the Garda Síochána acting under subsection (3) or give to a member information which is false or misleading.

(5) A person shall comply with any request made of him by a member of the Garda Síochána under subsection (3).

(6) In this section “ public place” means any place to which the public have access whether as of right or by permission and whether subject to or free of charge; and the doorways, entrances and gardens abutting onto a public place and any ground or car-park adjoining and open to a public place shall be treated as forming part of a public place.

Loan or other credit to be advanced in full.

99

99.Where credit is made available to a borrower by means of a moneylending agreement that credit shall not be reduced by the moneylender or a person acting on his behalf by any amount in respect of:

( a) repayment of the credit or any charges related thereto, or

( b) repayment of a previous credit or any charge related thereto,

and no payment in respect of the credit shall be required of the borrower by the moneylender or a person acting on his behalf before the due date of the first repayment instalment.

Repayment book.

100

100. (1) A moneylender shall, in respect of every moneylending agreement, supply to the borrower a book or document (“ repayment book”) in which to record repayments made under the agreement which shall be completed and maintained by the moneylender in accordance with this section and shall be separate from the agreement.

(2) ( a) A moneylender shall, in respect of a moneylending agreement, enter in a repayment book before supplying it to a borrower the following information:

(i) an agreement number or other reference to enable the agreement to be identified,

(ii) the name and address of the moneylender (as specified on his moneylender's licence),

(iii) the name and address of the borrower,

(iv) the amount of the credit being advanced,

(v) the date the credit is advanced,

(vi) the amount of each repayment instalment,

(vii) the rate of interest to be charged (including the APR expressed as £ per £100 borrowed) on foot of the credit advanced,

(viii) the amount of each collection charge (if any),

(ix) the number of repayment instalments,

(x) the date, or the mode of determining the date, upon which each repayment instalment is payable,

(xi) the total amount payable in respect of the loan, and

(xii) the date of expiry of the loan.

( b) A repayment book shall also include a record of repayments in the form set out in the Sixth Schedule and in which, on the occasion of each repayment, the person to whom the repayment is made shall enter the following:

(i) the date the repayment is made,

(ii) the amount of the repayment,

(iii) the amount still outstanding after deduction of the repayment, and

(iv) the signature of the person to whom the repayment is made.

Records to be maintained by moneylender.

101

101. (1) A moneylender shall, in respect of every moneylending agreement, made after the commencement of this section, to which the moneylender is a party, keep a record of the agreement which shall include the following information:

( a) the agreement number or other reference to identify the agreement,

( b) the name and address of the borrower,

( c) the amount of the credit advanced under the agreement,

( d) the date the credit is advanced,

( e) the amount of each repayment instalment,

( f) the rate of interest charged including the APR,

( g) the amount of each collection charge (if any),

( h) the number of instalments,

( i) the total amount payable in respect of the loan, and

( j) a Schedule showing, in respect of each repayment—

(i) the date the repayment is made,

(ii) the amount of the repayment,

(iii) the amount still outstanding after deduction of the repayment, and

(iv) the name of the person to whom the repayment is made.

(2) A moneylender shall retain a record kept under subsection (1) for a period of not less than 5 years after the final repayment instalment under the agreement.

F86 [ (3) Neither a moneylender nor a person acting on the moneylender's behalf may divulge to a person other than an authorised person any of the contents of records kept by the moneylender under this section.

(3A) The following persons are authorised for the purposes of subsection (3):

( a ) the borrower or an agent of the borrower;

( b ) the Bank, a Director of the Bank, an employee of the Bank, a delegate of the Bank or a member, officer or employee of such a delegate;

( c ) a court or an officer of a court. ]

Annotations:

Amendments:

F86

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 25, S.I. No. 160 of 2003.

Prohibition on charges for expenses on loans by moneylenders.

102

102. (1) A moneylender shall not make or attempt to make an agreement with a borrower who has borrowed or intends to borrow credit from that moneylender for any sum (other than a collection charge), account of costs, charges or expenses incidental to or relating to the negotiations for, or the granting of, the loan.

(2) If any sum is paid by a borrower who has borrowed or intends to borrow credit from a moneylender for or on account of such costs, charges or expenses that sum shall be recoverable as a debt due to the borrower, or in the event of the loan being completed, shall, if not so recovered, be set off against the amount actually lent and that amount shall be deemed to be reduced accordingly.

Moneylending agreements which include a collection charge.

103

103. (1) Where the amount payable under a moneylending agreement includes a collection charge in respect of the payment of repayments at a location other than the business premises of the moneylender, the agreement shall include the following:

( a) a clear indication of the amount of that charge,

( b) a statement that the borrower shall have the option of making the repayment at the business premises of the moneylender,

( c) a statement that if the borrower exercises the option, the charge will not be payable, and

( d) a statement that the borrower may indicate his unwillingness to avail of the option by signing a statement to this effect which has been explained to the borrower in a manner specified by the F87 [ Bank ], this signature to be additional to the borrower's signature in relation to any of the terms of the agreement.

(2) A moneylender shall ensure that any moneylending agreement entered into with him complies with this section.

Annotations:

Amendments:

F87

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 26, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).

Presumption.

104

104.Where in a prosecution for a contravention of this Part it is shown to a court that the accused had in his possession or control any document or sum of money in circumstances which give rise to the reasonable inference that such documents or money were kept for the purpose of moneylending, it shall be presumed, unless the contrary is shown, that the accused, at the time of such possession or control, was engaged in the business of moneylending.

Powers of entry of Garda Síochána.

105

105. (1) A member of the Garda Síochána may enter a premises (if need be by reasonable force) at which there are reasonable grounds to suspect that the premises or part of the premises (other than a dwelling) is being used for the purposes of moneylending contrary to this Part or that evidence of an offence for contravening this Part may be found in such premises, and may search and inspect the premises and search and question any person found thereon and may seize and retain any document, money or thing which the member has reason to believe may be evidence of the commission of an offence for contravening this Part.

(2) A member of the Garda Síochána who enters a premises under subsection (1) may exercise any of the powers conferred on an authorised officer under F88 [ section 8N ] .

(3) A person shall not obstruct or interfere with a member of the Garda Síochána acting under this section or give any information which is false or misleading.

(4) A person shall comply with any requirement made of him by a member of the Garda Síochána under this section.

Annotations:

Amendments:

F88

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 27, S.I. No. 160 of 2003.

Search warrants.

106

106. (1) If a judge of the District Court is satisfied on the sworn information of a member of the Garda Síochána that there are reasonable grounds for suspecting that any premises or any part of any premises is being used for the purposes of moneylending contrary to the provisions of this Part or that evidence of an offence for contravening this Part may be found in such premises, the judge may issue a warrant authorising any member of the Garda Síochána, accompanied by other members of the Garda Síochána, at any time or times within one month from the date of issue of the warrant, on production if so requested of the warrant, to enter, if need be by force, and search the premises and any person found therein and question any such person and seize and retain any document or thing which such member has reason to believe may be evidence of the commission of an offence for contravening this Part and arrest any such person who the member has reason to believe has contravened any provision of this Part.

(2) A person shall not obstruct or interfere with a member of the Garda Síochána acting under the authority of a warrant under subsection (1) or give to a member information which is false or misleading.

(3) A person shall comply with any request made of him by a member of the Garda Síochána acting under the authority of a warrant under subsection (1).

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

107

107. (1) A person shall not have in his possession or control for the purposes of moneylending any document belonging to another person.

(2) Where a member of the Garda Síochána has reasonable cause to suspect that a person is in possession or control of a document in contravention of subsection (1), the member may without warrant, stop and search (if need be by force) the person and seize the document.

(3) A person shall not obstruct or interfere with a member of the Garda Síochána acting under subsection (2).

(4) In this section “ document” includes every book, card, order, voucher or other document issued to any person.

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

108

108. (1) Where a member of the Garda Síochána has reasonable cause to suspect that a person is engaged in the business of money-lending he may require that person to produce his moneylender's licence or authorisation issued under section 97 .

(2) A person shall not obstruct or interfere with a member of the Garda Síochána acting under subsection (1) and shall comply with any requirement made of him under that subsection.

Powers of arrest.

109

109. (1) If a member of the Garda Síochána has reasonable cause to suspect that a person has contravened this section, section 98, section 107 or 108 , the member may—

( a) arrest that person without warrant, or

( b) require the person to give his name and address and, if the person fails or refuses to do so or gives a name or address that member reasonably suspects to be false or misleading, the member may arrest that person without warrant.

(2) A person shall not refuse to give his name or address when required under subsection (1), or give a name or address which is false or misleading.

Prohibition on collecting repayments at certain times.

110

110. (1) A person shall not engage in the business of collecting repayments whether personally or by his employee or agent—

( a) subject to subsection (2), between the hours of 9 o'clock in the evening on any week day and 10 o'clock in the morning on the following day, or

( b) at any time on a Sunday or a public holiday (within the meaning of the Holidays (Employees) Act, 1973).

(2) Where the borrower has given his consent in writing, separate from any other document, in the form set out in the Seventh Schedule or such other form as may be prescribed, a moneylender may engage in the collection of repayments whether personally or by his employee or agent between the hours of 8 o'clock and 10 o'clock in the morning on any week day.

(3) A copy of a consent under subsection (2) shall be—

( a) handed personally to the borrower upon giving such consent, or

( b) sent to the borrower within 10 days of giving such consent, by the moneylender or his employee or agent.

(4) A borrower may withdraw any consent given by him under subsection (2) by notifying the moneylender, his employee or agent and, accordingly, any such consent shall be terminated upon receipt of such notification.

Prohibition on selling goods while collecting repayments.

111

111.A person on the occasion that a cash advance is made to a borrower under a money lending agreement, shall not sell or offer for sale any goods to that borrower.

Prohibition on increased charges for credit on default.

112

112.A moneylending agreement shall be unenforceable against the borrower if it provides that the rate of charge for the credit may be increased or that any additional charge, other than legal costs, may apply in the event of a default in the payments due under the agreement.

Continuity of licences granted under Moneylenders Act, 1933.

113

113.Any moneylender's licence granted by the Revenue Commissioners under section 5 of the Moneylenders Act, 1933 (repealed by section 19 ) that is in force immediately before the commencement of section 93 shall continue in force after such commencement for the remainder of the period that such licence was so granted as if it had been granted by the Director under section 93 and that section shall be construed accordingly.

114

F89 [ Certain persons not to be regarded as moneylenders.

114. The Minister for Finance may, after consulting the Bank, make regulations declaring that specified persons, or members of a specified class of persons, are not to be regarded as engaging in the business of moneylending for the purpose of this Part. ]

Annotations:

Amendments:

F89

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 28, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 pt. 3 para. 23(2).

PART IX

Housing Loans made by Mortgage Lenders

Application of, definitions, Part IX .

115

115. (1) This Part shall apply to a housing loan made by a mortgage lender.

(2) In this Part—

F90 [ authorised person means the Bank, a person authorised by the Bank for the purposes of this section, a delegate of the Bank or a member, officer or employee of such a delegate;

certified means certified by an authorised person; ]

endowment loan” means a housing loan which is to be repaid out of the proceeds of an insurance policy on its maturity, other than a policy providing mortgage protection insurance only;

information document” means any document, leaflet, notice, circular, pamphlet, brochure, film, video or facsimile issued to the general public or to certain persons (whether solicited or not) for the purpose of giving information in relation to housing loans;

insurance commission” means a payment or other remuneration, reward or benefit in kind, paid or payable by or on behalf of the insurer to any person in connection with the insurance business of the insurer and includes the time allowed by the insurer to that person for the payment by that person to the insurer of premiums received by that person for the insurer for contracts of insurance entered into by the insurer;

insurance intermediary” means an insurance agent or insurance broker within the meaning of the Insurance Act, 1989;

insurer” has the meaning assigned to it by the Insurance Act, 1989;

mortgage agent” means any or all of the following:

( a) a mortgage lender,

( b) a mortgage intermediary,

( c) an insurer, or

( d) an insurance intermediary;

subsidiary” has the same meaning assigned to it by section 155 of the Companies Act, 1963.

Annotations:

Amendments:

F90

Inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 29, S.I. No. 160 of 2003.

Mortgage intermediaries.

116

116. (1) F91 [ Subject to section 116A (inserted by the European Union (Consumer Mortgage Credit Agreements) Regulations 2016) a person shall not engage ] in the business of being a mortgage intermediary unless—

( a) he is the holder of an authorisation (“a mortgage intermediaries authorisation”) granted for that purpose by the F92 [ Bank ], and

( b) he holds an appointment in writing from each undertaking for which he is an intermediary.

(2) A holder of an authorisation shall only engage in the business of being a mortgage intermediary in the name specified in the holder’s authorisation.

(3) An application for an authorisation shall be in writing and in such form as the F92 [ Bank ] may determine and shall contain—

( a) the true name of the applicant,

( b) the name under which the applicant trades,

( c) the name of any undertaking for which the applicant acts or intends to act as a mortgage intermediary,

( d) the address of any business premises of the applicant to which the application relates, and

( e) such other information that the F92 [ Bank ] may require.

F92 [ (4) An application for an authorisation must be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942 , for the purposes of this section. ]

(5) F93 [ ]

(6) A person shall not wilfully give any information which is false or misleading in respect of an application for an authorisation.

F94 [ (7) Except as provided by subsection (7A) , an authorisation remains in force for 12 months from the date specified in the authorisation.

(7A) In the case of a particular applicant, or an applicant of a particular class designated by the Bank for the purposes of this subsection, the Bank may, if it so chooses, grant an authorisation for a period longer than 12 months, subject to such conditions or requirements as the Bank specifies. If the Bank grants an authorisation for a period longer than 12 months, the authorisation remains in force for that period from the date specified in the authorisation. ]

(8) An authorisation shall state—

( a) the true name of the holder,

( b) the name under which the holder is authorised to engage in the business of being a mortgage intermediary,

( c) the address of the business premises of the holder, and

( d) the name of any undertaking for which the holder acts as a mortgage intermediary.

F94 [ (9) The Bank may refuse to grant an authorisation on any of the following grounds:

( a ) the applicant does not satisfy the condition specified in subsection (1)(b) ;

( b ) the applicant, or any business with which the applicant is or has been associated, has, during the previous 5 years, been convicted of an offence that, if committed by a natural person, would be punishable by imprisonment;

( c ) the applicant is the holder of

(i) a bookmaker s licence issued under the Betting Act 1931 , or

(ii) a licence for the sale of intoxicating liquor granted under the Licensing Acts 1833 to 1994, or

(iii) a gaming licence issued under the Gaming and Lotteries Act 1956 , or

(iv) a pawnbroker s licence granted under the Pawnbrokers Act 1964 , or

(v) a moneylender s licence;

( d ) the applicant has failed to provide a current Revenue tax clearance certificate in respect of himself or his business;

( e ) the applicant is not, in the opinion of the Bank, a fit and proper person to carry on business as a mortgage intermediary. ]

F95 [ (9A) ( a ) Where in relation to an authorisation

(i) an application in accordance with F96 [ section 1094 of the Taxes Consolidation Act, 1997 ] , for a tax clearance certificate has been made

(I) not less than four months prior to the commencement date of such authorisation, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said F96 [ section 1094 ] ,

and in either case, the authorisation could, but for the provisions relating to a tax clearance certificate, have been issued, then

(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation may continue in force beyond its latest expiry date pending

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where an authorisation has not been granted in respect of the previous authorisation period, an authorisation may be issued temporarily and remain in force pending

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the authorisation is duly deposited with the F92 [ Bank ] .

( b ) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation within the meaning of this section.

( c ) Where

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a) , or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to an authorisation is an acceptable application,

and where the tax clearance certificate has been issued, the authorisation continued in force or issued temporarily under this subsection shall expire upon the grant of an authorisation under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the authorisation.

( d ) Where

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a) , or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to an authorisation is a valid refusal,

the authorisation continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the authorisation was temporarily in force shall be repaid. ]

F92 [ (10) The Minister for Finance may, after consulting the Bank, make regulations prohibiting the holder of an authorisation from acting as or claiming to be a mortgage intermediary, unless there is in force in respect of that holder a policy of professional indemnity insurance that complies with such requirements as are specified in those regulations. ]

F94 [ (11) The Bank may suspend or revoke an authorisation on any of the following grounds:

( a ) the holder no longer satisfies the condition specified in subsection (1)(b) ;

( b ) the holder, or any business entity with which the holder is associated, is convicted of an offence that, if committed by a natural person, would be punishable by imprisonment;

( c ) the holder has become the holder of

(i) a bookmaker s licence issued under the Betting Act 1931 , or

(ii) a licence for the sale of intoxicating liquor granted under the Licensing Acts 1833 to 1994, or

(iii) a gaming licence issued under the Gaming and Lotteries Act 1956 , or

(iv) a pawnbroker s licence granted under the Pawnbrokers Act 1964 , or

(v) a moneylender s licence;

( d ) the holder is failing, or has failed, to provide a current Revenue tax clearance certificate in respect of the holder or the holder's business;

( e ) the holder is failing, or has failed to comply, with a condition or requirement imposed on the holder under subsection (7) ;

( f ) the applicant is contravening or has contravened a regulation in force under subsection (10);

( g ) the holder is no longer, in the opinion of the Bank, a fit and proper person to carry on the business of a mortgage intermediary;

( h ) the Bank would, if the holder were an applicant for an authorisation, be entitled to refuse to grant an authorisation to the applicant on a ground specified in subsection (9) . ]

(12) Whenever the F92 [ Bank ] proposes to refuse to grant, suspend or revoke an authorisation F92 [ it ] shall notify the applicant or the holder of the authorisation, as the case may be, of F92 [ its ] proposal and shall, if any representations are made to him in writing by such applicant or holder within 14 days of the notification, consider the representations.

F97 [ (13) If, having considered any representations that may have been made under subsection (12) , the Bank decides to refuse to grant a licence, it shall, by notice in writing, inform the applicant of the decision. The notice must specify the grounds for the decision.

(14) If, having considered any representations that may have been made under subsection (12) , the Bank decides to suspend or revoke an authorisation, or to vary any term or condition of an authorisation, it shall notify the decision to the holder of the authorisation, together with the grounds for the decision.

(15) The Bank shall deliver a notice referred to in subsection (13) or (14) personally or send it by prepaid registered post to the business address of the applicant for an authorisation or the holder of the authorisation concerned, as the case requires.

(16) The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942 :

( a ) a decision to refuse to grant an authorisation;

( b ) a decision suspending or revoking an authorisation;

( c ) a decision varying any term or condition of an authorisation.

(17) If a notice under this section relates to a decision of the Bank

( a ) suspending or revoking an authorisation, or

( b ) varying the terms or conditions of an authorisation,

the decision takes effect at the end of the period allowed for appealing against the decision under Part VIIA of the Central Bank Act 1942 unless an appeal against the decision is lodged under that Part within that period. ]

(18) A decision of the Circuit Court on an appeal under subsection (13) shall be final save that, by leave of that Court, an appeal from the decision shall lie to the High Court on a specified question of law.

F97 [ (19) In this section, authorisation means a mortgage intermediaries authorisation. ]

(20) F98 [ ]

Annotations:

Amendments:

F91

Substituted (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), in effect as per reg. 2.

F92

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 30(a), (b), (e), (f), (g), S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 paras. 20(1) and 23(2).

F93

Deleted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 30(c), S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(2).

F94

Substituted and inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 12 item 3, S.I. No. 455 of 2004, subject to transitional provision in s. 36 and sch. 3 para. 20(1).

F95

Inserted (1.01.1998) by Finance Act 1997 (22/1997), s. 160(2)(b)(ii), commenced as per subs. (3).

F96

Substituted (6.04.1997) by Taxes Consolidation Act 1997 (39/1997), s. 1100 and sch. 31, commenced as per s. 1097.

F97

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 2, S.I. No. 455 of 2004.

F98

Deleted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 2, S.I. No. 455 of 2004.

F99

Substituted by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 2; not commenced as of date of revision.

Modifications (not altering text):

C17

Prospective affecting provision: subs. (18) substituted by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 6 item 2; not commenced as of date of revision.

F99 [ (18) If an appeal is lodged under Part VIIA of the Central Bank Act 1942 by a holder of an authorisation against a decision of the Bank

( a ) suspending or revoking an authorisation, or

( b ) varying the terms or conditions of an authorisation,

the decision does not take effect unless it is confirmed by the Irish Financial Services Appeals Tribunal or the appeal is withdrawn. ]

C18

Certain authorisations made subject to transitional provisions by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), reg. 42, in effect as per reg. 2.

Transitional provisions

42. (1) These Regulations shall not apply to a credit agreement that comes into effect before 21 March 2016.

(2) As respects—

(a) a mortgage intermediaries authorisation granted under section 116 of the Consumer Credit Act 1995 and in force immediately before 21 March 2016, and

(b) the holder of such an authorisation that is so in force,

the following apply—

(i) the authorisation shall, notwithstanding Regulation 30, continue in force for the reminder of the period for which, under that section 116, it is provided it shall be in force, but this is subject to paragraph (3);

(ii) the holder of the authorisation shall be deemed to be a holder of a mortgage credit intermediary’s authorisation and the provisions of these Regulations shall accordingly apply to the holder, but this is subject to paragraphs (3) to (6).

(3) The application of the provisions of these Regulations to a holder referred to in paragraph (2)(b) includes the application to the holder of the provisions of Regulation 34 but the grounds on which the powers under that Regulation may be exercised in relation to such a holder do not include a ground the invocation of which would be inconsistent with paragraph (4) or (6).

(4) Notwithstanding anything in paragraph (2), a holder referred to in paragraph (2)(b) is not required to comply with paragraphs (3) to (7) of Regulation 30 until 21 March 2017.

(5) Notwithstanding anything in paragraph (2), a holder referred to in paragraph (2)(b) shall not act as a mortgage credit intermediary outside the State at any time before 21 March 2017, unless the holder satisfies the necessary legal requirements of the host EEA Member State.

(6) Notwithstanding anything in Regulation 2 or paragraph (2), the requirement to have done all the necessary things so as to be in compliance with Regulation 10 shall not take effect, in the case of a creditor or mortgage credit intermediary who has been performing activities to which these Regulations relate before 20 March 2014, until 21 March 2017.

(7) As respects a tied mortgage branch agent within the meaning of the Consumer Credit Act 1995 (Section 120) Regulations 1996 (S.I. No. 247 of 1996) who is acting as such before 21 March 2016, the following apply—

(a) such a tied mortgage branch agent shall be deemed to be a holder of a mortgage credit intermediary’s authorisation, and

(b) the provisions of these Regulations shall accordingly apply to such an agent,

but, with any necessary modification of those paragraphs’ terms for the purpose of qualifying subparagraph (b) as next provided, subparagraph (b) of this paragraph is subject to paragraphs (3) to (6).

Editorial Notes:

E46

Previous affecting provision: applications for authorisation under subs. (4) exempted from fee (16.07.2004) by Central Bank Act 1942 (Sections 33J and 33K) Regulations 2004 (S.I. No. 447 of 2004), reg. 4(a)(iii); revoked (16.09.2011) by Central Bank Act 1942 (Section 32D) Regulations 2011 (S.I. No. 478 of 2011), reg. 11.

E47

Previous affecting provision: subss. (9), (11), (13), (17) and (19) amended (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 30(a), (d), (f), S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(2); substituted as per F-note above.

E48

Previous affecting provision: subs. (9)(d) substituted (1.01.1998) by Finance Act 1997 (22/1997), s. 160(2)(b)(i), commenced as per subs. (3); substituted as per F-note above.

E49

Previous affecting provision: subs. (9)(d) amended (6.04.1997) by Taxes Consolidation Act 1997 (39/1997), s. 1100 and sch. 31, commenced as per s. 1097; substituted as per F-note above.

F100 [ Non-application of section 116 and deemed application of certain provisions

116A

116A. (1) Section 116 shall not apply to a person required to hold a mortgage credit intermediary s authorisation under Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (in subsection (2) referred to as a relevant authorisation ).

(2) Notwithstanding subsection (1) , a person who is the holder for the time being of a relevant authorisation shall, for the purposes, and the purposes only, of sections 117 to 119 , be deemed to be the holder of a mortgage intermediaries authorisation. ]

Annotations:

Amendments:

F100

Inserted (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), reg. 44(1)(b), in effect as per reg. 2.

Obligation to display copy of mortgage intermediaries authorisation.

117

117.The holder of a mortgage intermediaries authorisation shall display in a prominent position in any premises where the holder engages in the business of being a mortgage intermediary—

( a) F101 [ a certified copy ] of the authorisation, and

( b) a notice stating clearly the name of any undertaking for whom the holder acts as a mortgage intermediary.

Annotations:

Amendments:

F101

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2013) , s. 35(1) and sch. 1 pt. 21 item 31, S.I. No. 160 of 2003.

118

F102 [ Mortgage intermediaries authorisation not to be altered or falsified.

118. (1) A person, other than an authorised person, shall not alter or attempt to alter a mortgage intermediaries authorisation or a certified copy of such an authorisation.

(2) A person shall not falsify or attempt to falsify a mortgage intermediaries authorisation or a certified copy of such an authorisation. ]

Annotations:

Amendments:

F102

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 32, S.I. No. 160 of 2003.

119

F103 [ Amendment of mortgage intermediaries authorisation.

119. (1) Immediately after the holder of a mortgage intermediaries authorisation

( a ) ceases to act on behalf of an undertaking specified in the authorisation, or

( b ) begins to act as a mortgage intermediary on behalf of an undertaking not specified in the authorisation,

that holder shall, in writing, notify the Bank of the event, and shall deliver the authorisation to the Bank.

(2) On receiving the notice and authorisation, the Bank shall (at its option) either amend the authorisation, or issue another authorisation, that reflects the event. ]

Annotations:

Amendments:

F103

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 33, S.I. No. 160 of 2003.

120

F104 [ Certain persons not to be regarded as mortgage intermediaries.

120. The Minister for Finance may, after consulting the Bank, make a regulation declaring that specified persons, or members of a specified class of persons, are not to be regarded as mortgage intermediaries for the purpose of this Part. ]

Annotations:

Amendments:

F104

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 34, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(2).

Editorial Notes:

E50

Power pursuant to section exercised (8.08.1996) by Consumer Credit Act, 1995 (Section 120) Regulations 1996 (S.I. No. 247 of 1996).

Redemption of housing loans.

121

121. (1) Subject to subsection (3), a borrower may, at any time before the time agreed, repay to the mortgage lender the whole or any part of a housing loan and shall not be liable to pay any redemption fee in relation to the loan or any part of the loan.

(2) The exemption from redemption fees in subsection (1) shall not apply to a housing loan in respect of which the mortgage or loan agreement provides that the rate of interest:

( a) may not be changed, or

( b) may not be changed over a period of at least one year, or

( c) may not, for a period of at least 5 years, exceed the rate applicable on the date of the making of the said agreement by more than 2 per cent.

(3) The exemption from redemption fees in subsection (1) shall apply at any time during the period of the loan at which the period referred to in paragraph (b) or (c) of subsection (2) have elapsed.

F105 [ (4) The Minister for Finance may, after consulting the Minister for the Environment and Local Government and the Bank, make a regulation varying

( a ) the period referred to in subsection (2)(b) , or

( b ) the period or years or the rate of interest, referred to in subsection (2)(c) . ]

(5) A mortgage agent shall, where a redemption fee is payable on a housing loan by virtue of subsection (2), ensure that a statement to that effect, specifying how the amount of such fee is to be calculated, shall be included in or attached to:

( a) any information document which refers or relates to such a loan,

( b) any application form issued for the purpose of applying for such a loan or, where application for the loan is made otherwise than by way of an application form, such a statement shall be sent to the applicant within 10 days of the receipt of the application,

( c) any document sent to the applicant approving the loan, and

( d) any communication in relation to a variation of, or any offer to vary, the terms of the housing loan which would have the effect of making the loan liable to a redemption fee in accordance with subsection (2).

(6) In this section “ redemption fee” means, in relation to a housing loan, any sum in addition to principal and any interest due on such principal (without regard to the fact of the redemption of the loan) at the time of redemption of the whole or part of the loan.

Annotations:

Amendments:

F105

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 35, S.I. No. 160 of 2003.

Criteria for calculation of APR in relation to housing loans.

122

122. (1) For the purpose of calculating the APR in relation to a housing loan the total cost of credit to the borrower shall be determined with the exception of the following charges—

( a) charges other than the purchase price which the consumer is obliged to pay whether the transaction is paid for in cash or by credit including Government duties or taxes on the purchase or acquisition of the property, and fees payable by the borrower to his own agent for the carrying out of legal and other procedures associated with the acquisition of the property,

( b) charges payable by the borrower for non-compliance with any of his commitments laid down in the credit agreement,

( c) charges for insurance on the life of the borrower or for insurance against property damage which are designed to ensure payment to the creditor of credit outstanding in the event of the death of the borrower, or insurable damage to the property the subject of the credit agreement, before termination of the agreement.

(2) In calculating the APR in relation to a housing loan, the following assumptions shall be made:

( a) the creditor and the prospective borrower fulfil their obligations under the terms of the contract,

( b) in the case of credit agreements providing for variations in the rate of interest or other charges which are unquantifiable at the time of calculation, the APR shall be calculated on the assumption that the future rates of interest or charges are the current variable rates which will remain fixed and will apply until the end of the credit agreement. In circumstances in which the initial or subsequent interest rate is fixed for a specific period or periods, the calculation shall assume that the fixed rate or rates shall apply only for the period or periods specified and that the rates applicable to other periods of the contract are the current variable rates which will remain fixed for those periods,

( c) that the borrower is not entitled to any income tax relief or any other benefit not granted by the creditor under, or relating to, the transaction,

( d) where charges are payable at an unspecified date after the agreement is signed it shall be assumed that they are payable at the beginning of the agreement,

( e) in the case of advertising, the calculation shall be based on a typical example.

(3) A mortgage lender shall comply with the requirements of this section in relation to the calculation of the APR in respect of a housing loan.

Valuation reports.

123

123. (1) Where a mortgage lender—

( a) gives approval to the making of a housing loan; or

( b) refuses to make a housing loan,

the applicant for the loan shall, at the time he is notified of the approval of the loan or of the refusal to give such approval, be furnished by the mortgage lender with a copy of the report (“valuation report”) made to the mortgage lender on the value of the security.

(2) The mortgage lender shall attach to or include in every valuation report furnished to an applicant in accordance with subsection (1) a note stating clearly the nature and purpose of the report.

(3) There shall be no charge made to the applicant for a valuation report if the loan application is refused.

Insurance of mortgaged property.

124

124. (1) Any insurance which a mortgage lender may require a borrower to effect and keep effected on property mortgaged to the lender may be effected by the borrower with any insurer and through any intermediary.

(2) When the mortgage lender requires a borrower to effect such insurance for the first time as respects a mortgaged property, he shall, at the same time, notify him in writing that the insurance may be so effected and of the nature and extent of the required insurance.

(3) A mortgage lender shall not impose a requirement in regard to the nature and extent of insurance on mortgaged property which differentiates as between insurance effected through the agency of the mortgage lender and insurance otherwise effected.

(4) A mortgage lender shall not impose a condition on a borrower in relation to insurance on mortgaged property which would require the borrower to pay a fee to the mortgage lender or to incur a cost which, in either case, would not be paid or incurred by a borrower effecting insurance through the agency of the mortgage lender.

Costs of legal investigation of title.

125

125.Any costs incurred by a mortgage lender in respect of, arising from or in connection with, the legal investigation of title to any property offered as security by a borrower shall be paid by the mortgage lender and shall not be recoverable from the borrower either as a fee specifically stated to be in respect of such costs or as part of any fee or other charge in respect of the loan.

Mortgage protection insurance.

126

126. (1) Subject to the provisions of this section, a mortgage lender shall arrange, through an insurer or an insurance intermediary, a life assurance policy providing, in the event of the death of a borrower before a housing loan made by the mortgage lender has been repaid, for payment of a sum equal to the amount of the principal estimated by the mortgage lender to be outstanding in the year in which the death occurs on the basis that payments have been made by the borrower in accordance with the mortgage, such sum to be employed in repayment of the principal.

(2) Subsection (1) shall apply as respects all housing loans except—

( a) where the house in respect of which the loan is made is, in the mortgage lender's opinion, not intended for use as the principal residence of the borrower or of his dependants,

( b) loans to persons who belong to a class of persons which would not be acceptable to an insurer, or which would only be acceptable to an insurer at a premium significantly higher than that payable by borrowers generally,

( c) loans to persons who are over 50 years of age at the time the loan is approved,

( d) loans to persons who, at the time the loan is made, have otherwise arranged life assurance, providing for payment of a sum, in the event of death, of not less than the sum referred to in subsection (1).

(3) A person who does not belong to a class referred to in paragraph (b) of subsection (2) shall not be required by virtue of this section to undergo a medical examination as a condition of a policy but nothing in this section shall prevent a person belonging to such a class from being required to undergo a medical examination.

(4) A policy under this section may, in the case of a loan made jointly to two or more borrowers, apply to such of the borrowers as may be designated by the mortgage lender, due regard being had to the wishes of such borrowers.

(5) Where the proceeds of a policy under this section exceed the amount due to the mortgage lender on the loan, any such excess shall be payable to the surviving borrower or to the estate of the deceased borrower as the case may be.

Prohibition on linking of services.

127

127. (1) A mortgage agent shall not make or offer to make to any person, or arrange or offer to arrange for any person, a housing loan which would be subject to a condition that any financial services, conveyancing services, auctioneering services or other services relating to land which that person may require, whether or not in connection with the loan, shall be provided by the agent or through a subsidiary or other associated body of such agent.

(2) Where, in connection with the making or arranging of a housing loan, more than one service is made available by a mortgage agent or one or more of his subsidiaries, the agent shall not, and shall ensure that each of his subsidiaries does not, make the services available on terms other than terms which distinguish the consideration payable for each service so made available; nor shall any of the subsidiaries make the services available on terms other than terms which make that distinction.

(3) Where a person is providing auctioneering services, or constructing houses for sale, and is also a mortgage intermediary, he, or a subsidiary or other associated body, shall not sell, offer to sell or arrange to sell a house which is to be purchased with the aid of a housing loan, on terms which differentiate as between a person who purchases the house with the aid of a housing loan arranged by or on behalf of such intermediary and a person who purchases the house with the aid of a housing loan otherwise arranged.

Warning on loss of home.

128

128. (1) A mortgage agent shall ensure that—

( a) an information document,

( b) an application form for a housing loan, or

( c) any document approving a housing loan,

shall include the following notice:

“WARNING

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.”.

(2) A mortgage agent shall ensure that, where the interest rate for a housing loan is variable—

( a) an information document,

( b) an application, or

( c) any document approving that loan,

shall, following the notice required under subsection (1), include the following:

“THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.”.

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

129

129. (1) An agreement for a housing loan shall contain on the front page a notice in the form set out in Part II of the Third Schedule or such other form as may be prescribed.

(2) A mortgage lender who is a party to an agreement referred to in subsection (1) shall ensure that the agreement complies with that subsection.

F106 [ (3) This section shall not apply to a credit agreement to which the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 apply. ]

Annotations:

Amendments:

F106

Inserted (21.03.2016) by European Union (Consumer Mortgage Credit Agreements) Regulations 2016 (S.I. No. 142 of 2016), reg. 142(2), in effect as per reg. 2.

Editorial Notes:

E51

Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 129) Regulations 1996 (S.I. No. 132 of 1996).

Duties of mortgage lender to supply documents and information.

130

130.A mortgage lender shall in respect of a housing loan, issue to the borrower:

( a) at the time the loan is made, or as soon as may be practicable thereafter a copy of the mortgage deed (including any contract relating thereto) which copy shall be additional to any copy of such mortgage deed issued to his legal representative, and

( b) a statement of the total amount outstanding on the loan on a specified date occurring not more than one year after the making of the loan and at intervals of not more than one year thereafter until the loan is fully repaid, such statement being issued as soon as practicable after the date specified.

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

131

131. F107 [ (1) The Minister for Finance may, after consulting the Minister for the Environment and Local Government and the Bank, make a regulation requiring the disclosure to the borrower of specified information relating to any insurance commission, introduction fee or other inducement, charge or expense that may be payable to a person or retained by a person

( a ) because the borrower has taken out an insurance policy in connection with the making of a housing loan, or

( b ) because of the making of such a loan. ]

(2) Regulations under this section may in particular specify:

( a) the nature of the information to be disclosed, including information on the manner in which any commission, fee, or other inducement, charge or expense is to be determined, the amount or value of same and the arrangements for the payment or provision of same,

( b) the circumstances in which and the time at which the information is to be disclosed,

( c) the manner of disclosure of the information.

(3) ( a) Subsection (2) is without prejudice to the generality of subsection (1) and accordingly regulations under this section may make provision for matters other than those mentioned in subsection (2) or further provision as to any of the matters there mentioned.

( b) Regulations made under this section may:

(i) include such consequential, incidental, transitional or supplementary provisions as may be considered appropriate by the F107 [ Minister for Finance ] to be necessary or proper for the purposes of this section;

(ii) apply either generally or by reference to a specified class or classes of loans, insurance, mortgage agents, or persons or by reference to any other matter that is considered appropriate by F107 [ that Minister ].

(4) Where, in connection with the making of a housing loan, a mortgage lender or mortgage intermediary acts exclusively for a particular insurer, he shall at the first reasonable opportunity and in any event before any commitment is made by the borrower, disclose this fact to the borrower.

(5) Where, in connection with the making of a housing loan, a mortgage intermediary acts exclusively for a particular mortgage lender, he shall at the first reasonable opportunity and in any event before any commitment is made by the borrower, disclose this fact to the borrower.

Annotations:

Amendments:

F107

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 36, S.I. No. 160 of 2003, subject to transititional provision in s. 36 and sch. 3 para. 23(2).

Disclosure of other fees.

132

132.Where a fee is payable by an applicant for a housing loan in respect of any of the following matters—

( a) the making, accepting or administering of an application for a loan,

( b) the valuation of the security for the loan,

( c) legal services in connection with the loan,

( d) services provided by a mortgage agent in relation to the loan, or

( e) non-acceptance of an offer or approval of a loan,

the mortgage agent shall ensure that a statement of reasonable prominence that such a fee is payable and specifying the amount of the fee or how such amount is determined and the circumstances in which it may be refunded, if such is the case shall be included in or attached to:

(i) any information document issued by or on behalf of the mortgage agent which refers or relates to such a loan,

(ii) any application form issued for the purposes of applying for such a loan or, where application for the loan is made otherwise than by way of an application form, issued to the applicant within 10 days of the receipt of the application, and

(iii) any document sent to the applicant approving the loan, in relation to the matters specified in paragraphs (b), (c), (d) and (e).

Endowment loans.

133

133. (1) A mortgage agent shall ensure that an information document which refers or relates to an endowment loan, an application form issued to a person for the purpose of applying for such a loan, and any document approving such a loan shall contain in a prominent position the following notice:

“WARNING

THERE IS NO GUARANTEE THAT THE PROCEEDS OF THE INSURANCE POLICY WILL BE SUFFICIENT TO REPAY THE LOAN IN FULL WHEN IT BECOMES DUE FOR REPAYMENT.”.

(2) Where an application for an endowment loan is made, otherwise than by way of an application form, the applicant shall be supplied by the mortgage agent with a notice in accordance with subsection (1) within 10 days of the receipt of the application.

(3) Subsections (1) and (2) shall not apply where the insurer underwriting the insurance policy in respect of an endowment loan guarantees that the proceeds of the policy at the initial premium will be sufficient to repay the loan in full when it becomes due for repayment or where the mortgage lender undertakes to accept the proceeds in full and final settlement of the loan debt.

(4) Where there is a possibility that, during the lifetime of an endowment loan, the borrower may be required or advised by the insurer or mortgage lender to increase the amount of the premium payments on the insurance policy relating to the loan, in order to secure an increase in the proceeds of the policy on maturity, then the document sent to the applicant approving the loan shall contain a statement of this possibility in a prominent position.

(5) Where the possibility exists that early surrender of the insurance policy in respect of an endowment loan may result in a return to the consumer which would be less than he has paid in premia and other charges, any document refered to in subsection (1) shall contain a statement of this possibility.

(6) An insurer underwriting an insurance policy in respect of an endowment loan shall within 5 years of the policy being issued and every 5 years thereafter, until such time as the endowment loan is repaid, issue or cause to be issued to the borrower, a statement setting out the value of the policy as estimated by the insurer, at such date together with a comparison of this valuation to the valuation at such date projected at the time the policy was first written, and a revised estimate of its valuation at maturity.

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

134

134. (1) Where it is the policy of a mortgage lender to charge interest in respect of arrears on housing loans or on housing loans of a particular type the mortgage lender shall ensure that, any information document relating to, application form for, or document approving, such a loan and any communication in relation to arrears of payments due on such a loan shall state the amount of the increase in interest and other charges which a borrower may become liable to pay in respect of such arrears.

(2) Any communication issued by or on behalf of a mortgage lender to a borrower which refers to the possibility of possession proceedings being taken under the mortgage, shall contain an estimate of the cost to the borrower of such proceedings.

Advertising of housing loans.

135

135. (1) F108 [ The Bank may, if it ] considers it expedient to do so give a direction to a mortgage agent in relation to the matter and form of any advertisement or information document displayed or published by or on behalf of such agent in relation to a housing loan and may direct that such advertisement or information document be withdrawn.

(2) Without prejudice to the generality of subsection (1), a direction under this section may do all or any one or more of the following—

( a) prohibit the issue by a mortgage agent of advertisements or information documents of any specified description,

( b) require a mortgage agent to modify advertisements or information documents of a specified description in a specified manner,

( c) prohibit the issue by a mortgage agent of any advertisements or information documents which are, or are substantially, repetitions of a specified advertisement or information document,

( d) require a mortgage agent to withdraw any specified advertisement or information document or any advertisement or information document of a specified description, or

( e) require a mortgage agent to include specified information in any advertisement or information document to be published by it or on its behalf or in any statement to the public made by it or on its behalf.

(3) Any mortgage agent so directed under subsection (1) shall comply with the direction.

(4) F109 [ ]

Annotations:

Amendments:

F108

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 37(a), S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).

F109

Deleted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 37(b), S.I. No. 160 of 2003.

Protection of borrower on a winding-up.

136

136. (1) Where a mortgage lender (being a corporate entity) is being wound-up, a borrower shall not be liable to pay the amount payable in respect of a housing loan except at the time or times, and subject (as may be appropriate) to the conditions, set out in the mortgage or other security.

(2) A liquidator in the exercise of his powers under section 231 (2) ( a) of the Companies Act, 1963, shall not dispose of any of the mortgage lender's assets constituting housing loans on terms as respects the loans other than terms which the High Court is satisfied are just and equitable and which the borrowers would have been reasonably entitled to expect if the mortgage lender had not been wound-up.

PART X

Miscellaneous

137

F110 [ Regulations relating to display of information.

137. (1) The Minister for Enterprise, Trade and Employment may, after consulting the Bank, make regulations requiring persons who carry on businesses that are subject to regulation under the provisions of this Act designated in section 4(2) to display in a manner specified in the regulations at premises where the businesses are carried on, and to which the public have access, prescribed information about the businesses.

(2) The Minister for Finance may, after consulting the Director, make regulations requiring persons who carry on businesses that are subject to regulation under the provisions of this Act designated in section 8G(2) to display in a manner specified in the regulations at premises where the businesses are carried on, and to which the public have access, prescribed information about the businesses. ]

Annotations:

Amendments:

F110

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 38, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(3).

Restrictions as to use of inertia selling provisions in agreements.

138

138. (1) A person shall not insert in any agreement or in any proposal form or application form used in connection with the agreement provisions which require the consumer to indicate positively that he does not wish to obtain credit, purchase or hire any goods or avail of any service in relation to the agreement.

(2) Where any amount is due to a third party as a result of the use of a provision as described in subsection (1), the person who inserted the provision shall be liable for payment of that amount.

Circulars to minors.

139

139.A person shall not knowingly, with a view to financial gain, send to a minor any document inviting the minor to—

( a) borrow credit,

( b) obtain goods on credit or hire,

( c) obtain services on credit, or

( d) apply for information or advice on borrowing credit or otherwise obtaining credit or hiring goods.

Prohibition on exclusion of obligations or rights in agreements.

140

140.Except where otherwise provided for in this Act, a creditor or an owner—

( a) shall not, in any agreement—

(i) exclude or restrict any liability imposed on any person or any right conferred on a consumer, or

(ii) impose any further liability in addition to any liability imposed on a consumer,

by this Act, and

( b) shall not be entitled to enforce any agreement (other than a housing loan) which so excludes or restricts any such liability or imposes any such further liability.

Statements purporting to exclude or restrict liabilities or rights.

141

141.A person shall not in the course of a business do any of the following:

( a) display on any part of any premises a notice,

( b) publish or cause to be published an advertisement,

( c) supply goods bearing or goods in a container bearing a statement, or

( d) furnish or cause to be furnished a document,

which purports to exclude or restrict any liability imposed on any person or any right conferred on a consumer by this Act.

Duty to disclose information concerning financial standing of consumer.

142

142. (1) Where a creditor or an owner refuses to enter into an agreement with a consumer, he shall disclose to the consumer the name and address of any person from whom he sought information concerning the financial standing of the consumer who gave information which influenced the refusal, within 14 days after receiving a request in writing to that effect from the consumer.

(2) Subsection (1) does not apply to a request—

( a) received more than 28 days after the refusal, or

F111 [ ( b ) which relates to information that constitutes personal data to which the Data Protection Regulation applies. ]

F112 [ (3) Subject to subsection (4) , a person who has supplied information to a creditor or an owner in respect of the financial standing of a consumer in respect of an agreement shall provide the consumer with a copy in legible form of any information held by the person concerning the financial standing of the consumer. The information must be provided within 14 days after the person has received from the consumer a request in writing to that effect, together with the requisite fee.

(3A) For the purposes of subsection (3) , the requisite fee is

( a ) if the matter arises under a provision designated under section 4(2) 6.30 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount, that other amount, or

( b ) if the matter arises under a provision designated by section 8H(2) the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this section. ]

(4) Subsection (3) does not apply to a request—

( a) received more than 28 days after the name and address referred to in subsection (1) has been given, or

F113 [ ( b ) which relates to information that constitutes personal data to which the Data Protection Regulation applies. ]

F114 [ (5) In this section, Data Protection Regulation means Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 19 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation). ]

Annotations:

Amendments:

F111

Substituted (25.05.2018) by Data Protection Act 2018 (7/2018), s. 181(a), S.I. No. 174 of 2018.

F112

Substituted and inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 39, S.I. No. 160 of 2003.

F113

Substituted (25.05.2018) by Data Protection Act 2018 (7/2018), s. 181(b), S.I. No. 174 of 2018.

F114

Inserted (25.05.2018) by Data Protection Act 2018 (7/2018), s. 181(c), S.I. No. 174 of 2018.

19 OJ No. L 119, 4.5.2016, p.1

Correction of incorrect information.

143

143. (1) Where a consumer has been given information under section 142 which he considers is incorrect the consumer may within 28 days of receipt give notice to the person requiring the removal or the amendment of the information.

(2) A person referred to in subsection (1) shall within 28 days after receiving a notice under that subsection inform the consumer that he has—

( a) removed the information,

( b) amended the information, or

( c) taken no action.

F115 [ (3) If the consumer is dissatisfied with any action taken by a person under subsection (1) and the matter arises under a provision designated under section 4(2) , the consumer may request in writing the Director to investigate the matter. The request must be accompanied by the prescribed fee.

(4) If, after considering a request made under subsection (3) , the Director decides to investigate the matter, the Director may make such direction as the Director considers appropriate with respect to the information concerned. The person to whom any such direction is given shall comply with the direction.

(5) If the consumer is dissatisfied with any action taken by a person under subsection (1) and the matter arises under a provision designated under section 8G(2) , the consumer may request in writing the Bank to investigate the matter. The request must be accompanied by the prescribed fee.

(6) If, after considering a request made under subsection (5) , the Bank decides to investigate the matter, it may make such direction as it considers appropriate with respect to the information concerned. The person to whom any such direction is given shall comply with the direction.

(7) For the purposes of this section, the prescribed fee is

( a ) if the request is made under subsection (3) 6.30 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount, that other amount, or

( b ) if the request is made under subsection (5) the fee (if any) prescribed under section 33K of the Central Bank Act 1942 , for the purposes of this subsection. ]

Annotations:

Amendments:

F115

Substituted and inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 40, S.I. No. 160 of 2003.

PART XI

Credit Intermediaries

Credit intermediaries.

144

144. F116 [ (1) Subject to subsection (2) , a person shall not engage in the business of being a credit intermediary unless the person

( a ) is the holder of an authorisation granted for that purpose by the Director, and

( b ) holds a letter of recognition from each undertaking on whose behalf the person is a credit intermediary. ]

(2) The provisions of subsection (1) do not apply to a person who holds a written authorisation under section 97 , which is for the time being in force, and who, apart from the business to which that authorisation relates, is not otherwise engaged in the business of being a credit intermediary.

(3) A holder of an authorisation shall only engage in the business of being a credit intermediary in the name specified in the holder's authorisation.

(4) An application for an authorisation shall be in writing and in such form as the Director may determine and shall contain—

( a) the true name of the applicant,

( b) the name under which the applicant trades,

( c) the name of any undertaking for which the applicant acts or intends to act as a credit intermediary,

( d) the address of any business premises of the applicant to which the application relates, and

( e) such other information that the Director may require.

F117 [ (5) An application for an authorisation must be accompanied by the requisite fee.

(6) For the purposes of subsection (5) , the requisite fee is

( a ) in the case of a company or partnership, 630 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount for the purpose of this paragraph, that other amount, and

( b ) in the case of a sole trader, 315 or, if the Minister for Enterprise, Trade and Employment by order specifies some other amount for the purpose of this paragraph, that other amount. ]

(7) An authorisation shall be valid for the period of 12 months commencing on the date specified therein and shall expire at the end of that period.

(8) An authorisation shall state—

( a) the true name of the holder,

( b) the name under which the holder is authorised to engage in the business of being a credit intermediary,

( c) the address of the business premises of the holder, and

( d) the name of each of the undertakings for which he acts as a credit intermediary.

(9) The Director may refuse to grant an authorisation on one or more of the following grounds, namely, that—

( a) the application does not satisfy the conditions specified in subsection (1) (a) (ii),

( b) the applicant or any business with which he was connected was, during the previous 5 years, convicted of a criminal offence,

( c) the applicant is the holder of—

(i) a bookmaker’s licence issued under the Betting Act, 1931,

(ii) a licence for the sale of intoxicating liquor granted under the Licensing Acts, 1833 to 1994,

(iii) a gaming licence issued under the Gaming and Lotteries Act, 1956,

(iv) a pawnbroker’s licence granted under the Pawnbrokers Act, 1964, as amended by this Act, or

(v) a moneylender's licence,

F118 [ ( d ) the applicant has failed to provide satisfactory evidence that a current tax clearance certificate issued in relation to the authorisation has been issued in accordance with the provisions of F119 [ section 1094 of the Taxes Consolidation Act, 1997 ] , ]

( e) the applicant is not, or is no longer, in the opinion of the Director, a fit and proper person to carry on the business of credit intermediary, or

( f) the applicant has failed to comply with any regulations made under subsection (10).

F120 [ (9A) ( a ) Where in relation to an authorisation

(i) an application in accordance with F119 [ section 1094 of the Taxes Consolidation Act, 1997 ] , for a tax clearance certificate has been made

(I) not less than four months prior to the commencement date of such an authorisation, and

(II) a tax clearance certificate has not yet been issued or refused,

or

(ii) a tax clearance certificate has been refused and an appeal against such refusal has been made and accepted in accordance with subsection (6) of the said F119 [ section 1094 ] ,

and in either case, the authorisation could, but for the provisions relating to a tax clearance certificate, have been issued, then

(I) in a case where an authorisation has been granted in respect of the previous authorisation period, such authorisation may continue in force beyond its latest expiry date pending

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal,

and

(II) in a case where an authorisation has not been granted in respect of the previous authorisation period, an authorisation may be issued temporarily and remain in force pending

(A) the issue or refusal of a tax clearance certificate, or

(B) in the case of an appeal, the final determination of that appeal:

Provided that the amount of the fee that would be payable on the application for the authorisation is duly deposited with the Director.

( b ) Every authorisation issued temporarily or continued in force in accordance with paragraph (a) shall, while it remains in force, be deemed to be an authorisation within the meaning of this section.

( c ) Where

(i) a determination is made to issue a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a) , or

(ii) the final determination of an appeal referred to in subparagraph (ii) of paragraph (a) is to the effect that the application for a tax clearance certificate in relation to an authorisation is an acceptable application,

and where the tax clearance certificate has been issued, the authorisation continued in force or issued temporarily under this subsection shall expire upon the grant of an authorisation under this section and the duty deposited shall be set against the appropriate duty payable on the grant of the authorisation.

( d ) Where

(i) a determination is made to refuse a tax clearance certificate, in respect of an application referred to in subparagraph (i) of paragraph (a) , or

(ii) the final determination of an appeal under subparagraph (ii) of paragraph (a) is to the effect that the refusal of an application for a tax clearance certificate in relation to an authorisation is a valid refusal,

the authorisation continued in force or issued temporarily under this subsection shall expire not later than seven days after such refusal or after the determination of such appeal, and the amount of any duty deposited in excess of the proportion of that duty attributable to the period when the authorisation was temporarily in force shall be repaid. ]

F121 [ (10) The Minister for Enterprise, Trade and Employment may make regulations prohibiting the holder of an authorisation from acting as or claiming to be a credit intermediary, unless there is in force in respect of that holder a policy of professional indemnity insurance that complies with such requirements as are specified in those regulations. ]

(11) The Director may suspend or revoke an authorisation if he is satisfied that since becoming the holder of an authorisation, a credit intermediary or any business with which he is connected has been convicted of a criminal offence or a credit intermediary has become the holder of a licence referred to in subsection (9) (c) or has failed to comply with any regulations made under subsection (10).

(12) Whenever the Director proposes to refuse to grant, suspend or revoke an authorisation he shall notify the applicant or the holder of the authorisation, as the case may be, of his proposal and shall, if any representations are made to him in writing by such applicant or holder within 14 days of the notification, consider the representations.

(13) Whenever the Director, having considered any representations that may have been made under subsection (12), decides to refuse to grant, suspend or revoke an authorisation, he shall notify the applicant for, or as the case may be, the holder of the authorisation, of the decision and such applicant or holder may, within 7 days of receipt of such notification, appeal against such decision to the judge of the Circuit Court within whose Circuit the business to which the authorisation relates is to be carried on.

(14) A notification referred to in subsection (12) or (13) shall be delivered personally or sent by pre-paid registered post to the business address of the applicant for an authorisation or the holder of the authorisation concerned, as the case may be.

(15) Where a notification under subsection (12) or (13) relates to a refusal to grant a second or subsequent authorisation or a suspension or revocation of an authorisation, the refusal, suspension or revocation shall take effect upon the expiration of the 7 days allowed for the appeal.

(16) Where an appeal is made under subsection (13) by an applicant for a second or subsequent authorisation in respect of a refusal to grant such authorisation or by a holder of an authorisation in respect of a suspension or revocation of an authorisation, the refusal, suspension or revocation shall stand suspended until the appeal is determined or withdrawn and notwithstanding subsection (7) any authorisation held by the applicant at the time of the appeal shall continue in force until the determination or withdrawal of the appeal.

(17) On the hearing of an appeal under subsection (13) in relation to the decision of the Director to refuse to grant, suspend or revoke an authorisation, the Circuit Court may either confirm the decision or allow the appeal and, where an appeal is allowed, the Director shall grant the authorisation or shall not suspend or revoke the authorisation, as the case may be.

(18) A decision of the Circuit Court on an appeal under subsection (13) shall be final save that, by leave of that Court, an appeal from the decision shall lie to the High Court on a specified question of law.

(19) In an appeal under subsection (13) the Director shall not be awarded or ordered to pay costs.

(20) In this section “ authorisation” means a credit intermediaries authorisation.

Annotations:

Amendments:

F116

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 41(a), S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 paras. 23(1) and 25.

F117

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 41(b), S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).

F118

Substituted (1.01.1998) by Finance Act 1997 (22/1997), s. 160(2)(c)(i), commenced as per subs. (3)(c).

F119

Substituted (6.04.1997) by Taxes Consolidation Act 1997 (39/1997), s. 1100 and sch. 31, commenced as per s. 1097.

F120

Inserted (1.01.1998) by Finance Act 1997 (22/1997), s. 160(2)(c)(ii), commenced as per subs. (3)(c).

F121

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 41(c), S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).

Obligation to display copy of credit intermediaries authorisation.

145

145.The holder of a credit intermediaries authorisation shall display in a prominent position in any premises where the holder engages in the business of being a credit intermediary—

( a) an authorised copy of the authorisation, and

( b) a notice stating clearly the name of any undertaking for whom the holder acts as a credit intermediary.

Prohibition on alteration or falsification of credit intermediaries authorisation.

146

146. (1) A person, other than the Director or an officer of the Director acting on behalf of the Director, shall not alter or attempt to alter a credit intermediaries authorisation or an authorised copy thereof.

(2) A person shall not falsify or attempt to falsify a credit intermediaries authorisation or any authorised copy thereof.

Amendment of credit intermediaries authorisation.

147

147. (1) Where the holder of a credit intermediaries authorisation ceases to act on behalf of any undertaking specified in the authorisation or commences to act as a credit intermediary on behalf of any undertaking not specified in the authorisation, the holder shall upon such cessation or commencement inform in writing the Director of the changes and forward the authorisation to the Director, and the Director shall accordingly, as he sees fit, amend the authorisation or issue another authorisation incorporating the change.

(2) The holder of a credit intermediaries authorisation to whom subsection (1) applies shall comply with the requirements of that subsection.

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

148

148.Where a consumer negotiates with a seller in respect of the acquisition of goods and the seller, being a credit intermediary, offers, or is requested by the consumer, to arrange a financial accommodation for the consumer in respect of the acquisition of the goods, the seller shall, as soon as may be reasonable, before any agreement, in relation to the goods under negotiation resulting from the offer or request, is entered into, disclose in writing to the consumer—

( a) the nature of the financial accommodation,

( b) the amount, number and frequency of payments and the total amount that the consumer would have to pay under an agreement, and, where applicable, the APR,

( c) who has the property in the goods during the agreement,

( d) the name of any undertaking for which the seller acts as a credit intermediary, and

( e) that the seller receives a commission, payment or consideration of any kind from an undertaking for arranging any such financial accommodation between the consumer and the undertaking.

PART XII

Obligation on credit Institutions to Notify Director of all Customer Charges

149

F122 [ Customer charges, etc., by credit institutions that are subject to regulation by the Bank.

149. (1) A credit institution or, subject to the Competition Act 1991 , a group of any such credit institutions in respect of a service offered jointly by the group, shall notify the Bank of every proposal

( a ) to increase any charge that has been previously notified to the Bank, or

( b ) to impose any charge in relation to the provision of a service to a customer or to a group of customers, that has not been previously notified to the Bank.

(2) Every notification under subsection (1) must be accompanied by

( a ) subject to subsection (4) , such fee as the Bank may decide with respect to each notification, being a fee that does not exceed the prescribed maximum amount, and

( b ) a statement of the commercial justification for the proposal, including a detailed statement of cost, and

( c ) details of the estimated amount of additional income accruing from the proposal.

(3) For the purposes of subsection (2)(a) , the prescribed maximum amount is

( a ) 31,750, or

( b ) if some other amount is prescribed by regulations made for the purposes of this subsection that other amount.

(4) The Bank may waive or reduce the fee referred to in subsection (2) if the payment of the fee would, in the opinion of the Bank, be unfair to the credit institution having regard to

( a ) the impact of any increase in or imposition of charges on customers, and

( b ) the number of customers affected by any increase in or imposition of charges, and

( c ) the additional income likely to accrue from any increase in or imposition of charges, and

( d ) any other matters that the Bank considers appropriate.

(5) Subject to subsection (6) , the Bank may, within F123 [ 3 months ] of receipt of a notification under subsection (1) , direct a credit institution

( a ) to refrain from imposing or changing a charge in relation to the provision of a service to a customer or to a group of customers, without the prior approval of the Bank, and

( b ) to publish, in such manner as may be specified by the Bank from time to time, information on any charge in relation to the provision of a service to a customer or to a group of customers.

(6) If a notification under subsection (1) is in respect of a proposal to impose a charge for a new service that was not previously offered to its customers, or is being offered as a choice to and in a materially different way to existing services, the Bank may, within F124 [ 3 months ] of receipt after the date of the notification, direct the credit institution

( a ) to refrain from imposing or changing a charge in relation to the provision of a service to a customer or to a group of customers, without the prior approval of the Bank, and

( b ) to publish, in such manner as may be specified by the Bank from time to time, information on any charge in relation to the provision of a service to a customer or to a group of customers.

F125 [ (6A) In calculating the periods of 3 months specified in subsections (5) and (6) no account shall be taken of any day on which any information required by the Bank to be provided by the credit institution for the performance of the Bank s functions under this section has not yet been so provided. ]

(7) A direction under this section may be expressed to apply

( a ) to every credit institution or to credit institutions carrying on a specified type of banking or financial business, or

( b ) to all services provided to a customer or to a group of customers by credit institutions or to specified services or to services of a specified kind, or

( c ) to a specified time or times or during a specified period or periods.

(8) The direction must

( a ) be communicated to every credit institution concerned, and

( b ) if not communicated in writing, be confirmed in writing to every such credit institution as soon as possible afterwards, and

( c ) have effect in accordance with its terms.

(9) The Bank shall, in exercising the powers conferred by this section, have regard to

( a ) the promotion of fair competition between

(i) credit institutions, and

(ii) credit institutions carrying on a particular type of banking or financial business,

( b ) the statement of commercial justification referred to in subsection (2)(b) , and

( c ) a credit institution passing any costs on to its customers or a group of its customers in proposing to impose or change any charge, in relation to the provision of a service to a customer or a group of its customers, and

( d ) the effect on customers or a group of customers of any proposal to impose or change any charge in relation to the provision of such service.

(10) The Bank may amend or revoke a subsisting direction under this section and may amend or revoke a subsisting direction, which has been amended.

(11) The Bank may exempt a credit institution from the obligation to make a notification under subsection (1) in respect of any charge which has been individually negotiated bona fide with the credit institution by a customer, or by or on behalf of a group of customers, of the credit institution.

(12) The Bank shall

( a ) keep under general review the terms and conditions applying to the provision of services to customers by credit institutions, and

( b ) require a credit institution to discontinue or refrain from the use of those terms and conditions that are, or are likely to be regarded as, unfair, and

( c ) if the credit institution fails to comply with a requirement under paragraph (b) , bring proceedings in the High Court for an order prohibiting the use, or the continued use, of those terms and conditions.

F126 [ (12A) A credit institution shall not impose a charge for providing a service to a customer or group of customers if

( a ) the charge has not been previously notified to the Bank or to the Director, or

( b ) the charge exceeds the charge notified for the service in accordance with subsection (1) , or

( c ) the charge does not comply with a direction issued by the Bank under this section.

(12B) The Bank may, by notice given in writing, require a specified credit institution, or credit institutions of a specified class, to publish in such publications, and within such timeframes, as are specified in the notice details of the amounts of charges notified to the Bank under this section.

(12C) A credit institution to which a notice has been given under subsection (12B) shall comply with the notice within the timeframe specified in the notice. ]

(13) In this section

service means any service provided by a credit institution to a customer in respect of the following

( a ) making and receiving payments;

( b ) providing foreign exchange facilities;

( <