Credit Reporting Act 2013

2.

Interpretation

2. (1) In this Act—

“anonymised information” has the meaning given by section 5(3) ;

“Bank” means the Central Bank of Ireland;

“consumer price index” means the Consumer Price Index (All Items) published by the Central Statistics Office or any equivalent index published from time to time by that Office;

“credit” includes a loan, deferred payment or other form of financial accommodation, other than any provided—

(a) by one credit institution to another,

(b) to any entity classified within general government in relation to the State within the meaning given by the Fiscal Responsibility Act 2012, the government of any other country or territory or any international organisation,

(c) by a company to a related undertaking of the company,

(d) by a person who does not provide credit except to the person’s employees,

(e) in connection with the provision of a utility or other service on a continuing basis,

F1 [ (f) in the form of trade credit, or ]

(g) without any requirement to pay interest or any other charge (in any circumstances);

“credit agreement” means, subject to subsection (2), an agreement made between a credit information provider and another person for the provision of credit for the other person;

“credit application” means, subject to subsection (2), an application for the provision of credit made to a credit information provider and completed in accordance with the application processes of the credit information provider;

“credit information” has the meaning given by section 7 ;

“credit information provider” means, subject to subsection (3)

(a) a regulated financial services provider,

(b) NAMA,

(c) a local authority, or

(d) any person not within paragraphs (a) to (c) who provides credit, other than—

(i) the Bank or the central bank of any country or territory other than the State, or

(ii) a pawnbroker, within the meaning of the Pawnbrokers Act 1964;

“credit information subject” means a person who—

(a) has made a credit application,

(b) has made a credit agreement for the provision of credit to the person, or

(c) is a guarantor;

“credit institution” means a credit institution within the meaning of Article 4.1(1) of Regulation (EU) No. 575/2013 1 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012;

“credit score”, in relation to a credit information subject, means a numerical or alphanumerical value assigned to the credit information subject, on the basis of information on the Register relating to the credit information subject, to indicate the level of risk of the credit information subject defaulting on financial obligations;

“Governor” has the meaning given by section 2(1) of the Central Bank Act 1942;

“guarantor” means a person who is proposing to give, or has given, a guarantee or indemnity in connection with a credit agreement;

“Head of Function” has the meaning given by section 2(1) of the Central Bank Act 1942;

“international organisation” has the meaning given by section 186B of the Social Welfare Consolidation Act 2005;

“local authority” has the meaning given by section 2(1) of the Local Government Act 2001;

“Minister” means the Minister for Finance;

“NAMA” means the National Asset Management Agency;

“notice” means a notice given in writing (whether electronically or otherwise);

“personal information” has the meaning given by section 6 ;

“qualifying credit agreement” has the meaning given by section 11(5) ;

“qualifying credit application” has the meaning given by section 11(5) ;

“Register” means the Central Credit Register established under section 5 ;

“regulated financial services provider” has the meaning given by section 2(1) of the Central Bank Act 1942;

“related undertaking”, in relation to a company, means—

(a) a subsidiary of the company,

(b) the holding company of the company,

(c) a subsidiary of—

(i) the holding company of the company, or

(ii) a subsidiary of that holding company,

and for this purpose “holding company” and “subsidiary” have the meanings given by section 155 of the Companies Act 1963;

“relevant credit application” has the meaning given by section 14(5) .

F2 [ (1A) For the purposes of paragraph (f) of the definition of credit in subsection (1) , a loan, deferred payment or other form of financial accommodation (the relevant credit ) is provided in the form of trade credit if the following conditions are satisfied

(a) in the case of both the person (the first-mentioned person ) by whom, and the person to whom, the relevant credit is provided, each is acting in the course of his or her business, trade or profession,

(b) the first-mentioned person is not a regulated financial services provider,

(c) the terms of the relevant credit provide for repayment, whether in instalments or as a single amount, of the whole of the credit by a date that is not later than 6 months after the date of its provision, and

(d) the purpose of the relevant credit is to facilitate the purchase of goods or services from the first-mentioned person. ]

(2) A credit application or credit agreement is not one in relation to which this Act applies unless—

(a) the applicant for the provision of credit, or the person for whom credit is provided under the credit agreement, is resident in the State at the time when the credit application or credit agreement is made, or

(b) the law governing any credit agreement made pursuant to the application would be, or the law governing the credit agreement is, the law of the State.

(3) Subject to subsection (4), where a person has acquired rights of a credit information provider under a credit agreement, for the purposes of this Act that person is with respect to the rights acquired the credit information provider in relation to the credit agreement, instead of the person whose rights under the credit agreement have been acquired.

(4) Subsection (3) does not apply in relation to a credit agreement where a participating institution is performing any relevant service in respect of rights under the credit agreement pursuant to an arrangement or agreement under section 131 of the National Asset Management Agency Act 2009.

(5) In subsection (4)

“participating institution” has the meaning given by section 4(1) of the National Asset Management Agency Act 2009;

“relevant service” has the meaning given by section 128 of the National Asset Management Agency Act 2009.