Consumer Credit Act 1995

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.