28A. (1) The APR in respect of a credit agreement, other than a F71[high cost credit agreement], shall not be greater than 23 per cent.

(2) A credit institution that is a party to a credit agreement shall ensure that the agreement complies with subsection (1).

(3) 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 requirement specified in subsection (2) has been complied with in respect of the credit agreement:

Provided that if a court is satisfied in any action that a failure to comply with the aforesaid requirement 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.

(4) This section shall apply to a credit agreement entered into after the relevant date.]