52.—(1) A consumer is entitled to discharge the consumer’s obligations under an agreement at any time before the time fixed by the agreement for its termination.

(2) The consumer shall exercise the entitlement by giving notice of termination in writing to the creditor or the owner (as the case requires) of the consumer's intention to determine the agreement.

(3) Where the consumer exercises the entitlement, the creditor or owner shall allow a reduction in the total cost of credit under the agreement.

(4) Except where subsection (6) applies, the reduction is to be calculated in accordance with a method or formula approved for that purpose by the Bank.

(5) The Bank may approve different methods or formulas for the purpose of subsection (4).

(6) The Minister for Finance may, after consulting 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.

(7) A method or formula prescribed by a regulation made under subsection (6) replaces a method or formula approved under subsection (4) to the extent that the regulation purports to supersede the method or formula so approved.]