Consumer Credit Act 1995
APR.
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, F54[agreed, in the case of a credit agreement, by the creditor and the consumer and, in the case of a hire-purchase agreement, by the owner and the hirer], calculated to the nearest rounded decimal place in accordance with the method of calculation specified in the Fourth Schedule.
(2) The F55[Bank] may by regulations amend the method of calculation of the APR specified in the Fourth Schedule either generally F56[or in relation to any form of credit covered in this Act or in relation to hire-purchase agreements].
(3) The F55[Bank] shall, from time to time, publish guidelines to explain the method of calculation of the APR under this Act.
Annotations
Amendments:
F54
Substituted (16.05.2022) by Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (5/2022), s. 12(a), S.I. No. 229 of 2022.
F55
Substituted (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 5, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).
F56
Substituted (16.05.2022) by Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (5/2022), s. 12(b), S.I. No. 229 of 2022.