Consumer Credit Act 1995

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. ]