Consumer Credit
S.I. No. 127/1996 –
Consumer Credit Act, 1995 (Section 2) Regulations, 1996
I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 2 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995), and after consultation with the Minister for the Environment in relation to Regulation 3 of the following Regulations, hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 2) Regulations, 1996.
2. The definition of “credit institution” contained in section 2 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995), shall include ICC Investment Bank Limited.
3. The definition of “mortgage lender” contained in section 2 (1) of the Consumer Credit Act, 1995 shall include—
( a ) a person whose business includes the making of housing loans, provided that at least 50 per cent. by number of all business loans outstanding to him, in whole or in part, at any time comprises loans secured by mortgage of residential property, and
( b ) a local authority (within the meaning of the Local Government Act, 1941 ).
GIVEN under my Official Seal, this 13th day of May, 1996.
RICHARD BRUTON,
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
This Regulation supplements the definitions of “credit institutions” and “mortgage lender” in the Consumer Credit Act, 1995 .
S.I. No. 128/1996 –
Consumer Credit Act, 1995 (Section 36) Regulations, 1996.
S.I. No. 128 of 1996.
CONSUMER CREDIT ACT, 1995 (SECTION 36) REGULATIONS, 1996.
I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 36 of the Consumer Credit Act, 1995 (No. 24 of 1995), hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 36) Regulations, 1996.
2. The forms of notice set out in Parts I and II in the Schedule to these Regulations shall be in lieu of the form of notice set out in Part 1 of the Third Schedule to the Consumer Credit Act, 1995 (No. 24 of 1995).
SCHEDULE
PART I
Form of Notice to be included on front page of a credit agreement (other than a credit card agreement or running account)
IMPORTANT INFORMATION as at dd mm yy
1.
Amount of credit advanced
:£
2.
Period of Agreement
:
3.
Number of Repayment Instalments
:
4.
Amount of Each Instalment
:£
5.6.
Total Amount RepayableCost of this credit (5 minus 1)
:£:£
7.
APR
:
N.B. YOU MAY WITHDRAW FROM THIS AGREEMENT AT ANY TIME WITHIN 10 DAYS OF RECEIVING THIS AGREEMENT OR A COPY OF IT.
PART II
Form of Notice to be included on front page of a credit card agreement or a running account
IMPORTANT INFORMATION as at dd mm yy
1.
Amount of credit limit
:£
2.
Period of Agreement
:
3.
Frequency of Repayment Instalments
:
4.
Amount of Each Instalment
:£
5.
APR
:
GIVEN under my Official Seal, this 13th day of May, 1996.
RICHARD BRUTON,
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
These Regulations replace the form of notice set out in Part I of the Third Schedule to the Consumer Credit Act, 1995 with the forms of notice set out in the Schedule to these Regulations.
S.I. No. 129/1996 –
Consumer Credit Act, 1995 (Section 37) Regulations, 1996.
S.I. No. 129 of 1996.
CONSUMER CREDIT ACT, 1995 (SECTION 37) REGULATIONS, 1996.
I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 37 of the Consumer Credit Act, 1995 (No. 24 of 1995), hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 37) Regulations, 1996.
2. Section 31 (2) (a) of the Consumer Credit Act, 1995 (No. 24 of 1995), is hereby amended by the insertion after “if any,” of “at the commencement of the agreement and any conditions in relation to any variation of the limit,”.
3. Section 35 of the Consumer Credit Act, 1995 , is hereby amended by the insertion in—
(i) subsection (1) after “an advance on a current account” of “including an overdraft”, and
(ii) subsection (1) (a) after “if any,” of “at the commencement of the agreement and any conditions in relation to any variation of the limit,”.
GIVEN under my Official Seal, this 13th day of May, 1996.
RICHARD BRUTON,
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
These Regulations make clear that the reference in Sections 31 (2) (a) and 35 (1) (a) to “credit limit” is a reference to the credit limit available at the commencement of the agreement. The conditions under which this credit limit can be changed must now be set out in the agreement. Section 35 is also being amended to further clarify the intention that this section applies to overdrafts.
S.I. No. 130/1996 –
Consumer Credit Act, 1995 (Section 60) Regulations, 1996.
CONSUMER CREDIT ACT, 1995 (SECTION 60) REGULATIONS, 1996.
I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 60 of the Consumer Credit Act, 1995 (No. 24 of 1995), hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 60) Regulations, 1996.
2. Section 58 of the Consumer Credit Act. 1995 (No. 24 of 1995), is hereby amended by the substitution in—
( a ) subsection (1) (b) (ii) of “owner” for “seller”, and
( b ) subsection (5) (a) of “owner” for “seller”.
GIVEN under my Official Seal, this 13th day of May, 1996.
RICHARD BRUTON,
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
These Regulations correct an error in terminology in section 58 of the Consumer Credit Act, 1995 .
S.I. No. 131/1996 –
Consumer Credit Act, 1995 (Section 86) Regulations, 1996.
CONSUMER CREDIT ACT, 1995 (SECTION 86) REGULATIONS, 1996.
I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 86 of the Consumer Credit Act, 1995 (No. 24 of 1995), hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 86) Regulations, 1996.
2. Section 84 of the Consumer Credit Act, 1995 (No. 24 of 1995), is hereby amended by the substitution in—
( a ) subsection (1) (a) (ii) of “hirer” for “buyer”,
( b ) subsection (1) (b) (ii) of “owner” for “seller”, and
( c ) subsection (5) (a) of “owner” for “seller”.
GIVEN under my Official Seal, this 13th day of May, 1996.
RICHARD BRUTON,
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
These Regulations correct an error in terminology in section 84 of the Consumer Credit Act, 1995 .
S.I. No. 132/1996 –
Consumer Credit Act, 1995 (Section 129) Regulations, 1996.
S.I. No. 132 of 1996.
CONSUMER CREDIT ACT, 1995 (SECTION 129) REGULATIONS, 1996.
I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 129 of the Consumer Credit Act. 1995 (No. 24 of 1995), hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 129) Regulations, 1996.
2. The form of notice set out in the Schedule to these Regulations shall be in lieu of the form of notice set out in Part II of the Third Schedule to the Consumer Credit Act, 1995 (No. 24 of 1995).
SCHEDULE
Form of Notice to be included on front page of a housing loan
Important Information as at dd mm yy
1.
Amount of credit advanced
:£
2.
Period of agreement
:
3.
Number of repayment instalments
:
4.
Amount of each instalment
:£
5.
Total amount repayable
:£
6.
Cost of this credit (5 minus 1)
:£
7.
APR*
:
8.
Amount of endowment premium (if applicable)
:£
9.
Amount of mortgage protection premium (if applicable)
:£
10.
Effect on amount of instalment of 1% increase in first year in interest rate**
:£
*Annual percentage rate of charge.
**This is the amount by which the instalment repayment will increase in the event of a 1% increase at the start of the first year in the interest rate on which the above calculations are based.
GIVEN under my Official Seal, this 13th day of May, 1996.
RICHARD BRUTON,
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
These Regulations replace the form of notice set out in Part II of the Third Schedule to the Consumer Credit Act, 1995 with the form of notice set out in the Schedule to these Regulations.
S.I. No. 245/1996 –
Consumer Credit Act, 1995 (Section 28) Regulations, 1996.
S.I. No. 245 of 1996.
CONSUMER CREDIT ACT, 1995 (SECTION 28) REGULATIONS, 1996.
I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 28 of the Consumer Credit Act, 1995 (No. 24 of 1995), after consultation with the Director of Consumer Affairs, the Minister for Finance and the Central Bank of Ireland and the Minister for the Environment in relation to Regulation 2 of the following Regulations, hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 28) Regulations, 1996.
2. Section 21 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995), is hereby amended –
( a ) by the insertion after “if mentioning a rate of interest” of “or making any claim in relation to the cost of credit” and
( b ) by the insertion after “using a representative example if no other means is practicable,” of “provided it is indicated that this is only a representative example,”
and the said subsection, as so amended, is set out in Part I of the Table to these Regulations.
3. Section 22 of the Consumer Credit Act, 1995 (No. 24 of 1995), is hereby amended –
( a ) by the insertion of “, where applicable,” before “a statement of-“, and
( b ) by the substitution for paragraph (c) of the following paragraph:
“(c) the APR and the total cost of credit or the hire-purchase price,”
and the said section, as so amended, is set out in Part II of the Table to these Regulations.
TABLE
PART I
(1) An advertisement in which a person offers to provide or arrange the provision of credit shall, if mentioning a rate of interest or making any claim in relation to the cost of credit, contain a clear and prominent statement of the APR, using a representative example if no other means is practicable, provided it is indicated that this is only a representative example, and no other rate of interest shall be included in the advertisement.
PART II
22 Where an advertisement refers to the availability of a financial accommodation in relation to the acquisition of goods or the provision of a service, it shall include, where applicable, a statement of –
(a) the nature of the financial accommodation,
(b) the cash price of the goods or service,
(c) the APR and the total cost of credit or the hire-purchase price,
(d) the number and amount of instalments,
(e) the duration of the intervals between instalment payments,
(f) the number of any instalments which have to be piad before delivery of the goods, and
(g) details of any deposit payable.
GIVEN under my Official Seal, this 8th day of August, 1996.
RICHARD BRUTON
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
These Regulations supplement the advertising provisions of the Consumer Credit Act, 1995 .
S.I. No. 246/1996 –
Consumer Credit Act, 1995 (Section 60) (No. 2) Regulations, 1996.
CONSUMER CREDIT ACT, 1995 (SECTION 60) (No. 2) REGULATIONS, 1996.
I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 60 of the Consumer Credit Act, 1995 (No. 24 of 1995), hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 60) (No. 2) Regulations, 1996.
2. Paragraph 2 of the Fifth Schedule to the Consumer Credit Act, 1995 (No. 24 of 1995), is hereby amended –
( a ) by the insertion in subparagraph (a)(ii) after “the total amount” of “which he has paid”, and
( b ) by the substitution for subparagraph (b) of the following subparagraph
“(b) purchase the goods by paying the difference between the amount already paid under this agreement and either the hire-purchase price reduced in arrordance with section 52 or 53 of the Consumer Credit Act, 1995 , or such lesser amount if specified in this agreement.”.
GIVEN under my Official Seal, this 8th day of August, 1996.
RICHARD BRUTON
Minister for Enterprise and Employment.
EXPLANATORY NOTE.
These Regulations amend the notice to be included in hire purchase agreements set out in the Fifth Schedule to the Consumer Credit Act, 1995 .
S.I. No. 186/1997 –
Consumer Credit Act, 1995 (Section 3) Regulations, 1997
CONSUMER CREDIT ACT, 1995 (SECTION 3) REGULATIONS, 1997
I, PAT RABBITTE, Minister of State at the Department of Enterprise and Employment, in exercise of the powers conferred on me by section 3 (3) (a) of the Consumer Credit Act, 1995 (No. 24 of 1995), and the Enterprise and Employment (Delegation of Ministerial Functions) (No. 2) Order, 1996 ( S.I. No. 350 of 1996 ), after consultation with the Minister for the Environment, hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 3) Regulations, 1997.
2. These Regulations shall come into operation on the 1st day of September, 1997.
3. The following provisions of the Consumer Credit Act, 1995 (No. 24 of 1995), shall apply to a housing loan advanced by a local authority—
( a ) Part I, other than sections 9 to 16, 18 and 19, and
( b ) in Part IX, sections 115, 121 (1), other than “Subject to subsection (3),”, 123, 124, 125, 128, 129, where applicable, 130, 132 and 134.
GIVEN under my hand, this 1st day of May, 1997.
PAT RABBITTE,
Minister of State at the Department of Enterprise and Employment.
EXPLANATORY NOTE.
As and from the 1st September, 1997, these Regulations bring housing loans advanced by local authorities within the scope of the Consumer Credit Act, 1995 (No. 24 of 1995).
S.I. No. 392/1999 –
Consumer Credit Act, 1995 (Section 2) (No. 2) Regulations, 1999
I, TOM KITT, Minister of State at the Department of Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 2 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995) (as adapted by the Enterprise and Employment (Alteration of Name of Department and title of Minister) Order, 1997 ( S.I. No. 305 of 1997 )), and the Enterprise, Trade and Employment (Delegation of Ministerial Functions) (No. 2) Order, 1997 ( S.I. No. 330 of 1997 ), hereby make the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act, 1995 (section 2) (No. 2) Regulations, 1999.
2. The definition of “credit institution” contained in section 2 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995), shall include Open + Direct Retail Services Limited:
Provided that the APR charged by such persons in respect of any credit granted to a consumer is less than 23 per cent.
GIVEN under my hand, this 7th day of December, 1999.
TOM KITT
Minister of State at the Department of Enterprise, Trade and Employment.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations further supplement the definition of “credit institution” in the Consumer Credit Act, 1995 .
S.I. No. 142/2002 –
Consumer Credit Act 1995 (Section 2) Regulations 2002
I, Tom Kitt, Minister of State at the Department of Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 2 (1) of the Consumer Credit Act 1995 (No. 24 of 1995) (as adapted by the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No. 305 of 1997 )), and the Enterprise Trade and Employment (Delegation of Ministerial Functions) (No.2) Order 1997 ( S.I. No. 330 of 1997 ), hereby make the following regulations:
1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2 Regulations 2002.
2. (1) It is prescribed, subject to paragraph (2) of this Regulation, that the definition of “credit institution” contained in section 2 (1) of the Consumer Credit Act 1995 (No. 24 of 1995), shall (by virtue of paragraph (g) of that definition) include Lombard & Ulster Banking Limited.
(2) The person specified at paragraph (1) is not to be regarded as prescribed for the purposes of that paragraph in any case where the APR charged by the person in respect of any credit granted to a consumer equals or exceeds 23 per cent.
GIVEN under my hand,
9th April 2002.
Tom Kitt
Minister of State at the Department of Enterprise, Trade and Employment.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations further supplement the definition of “credit institution” in the Consumer Credit Act 1995 to include Lombard & Ulster Banking Limited.
S.I. No. 715/2004 –
Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2004
STATUTORY INSTRUMENTS.
S.I. No. 715 of 2004 .
CONSUMER CREDIT ACT 1995 (SECTION 2) (No. 3) REGULATIONS 2004.
S.I. No. 715 of 2004 .
CONSUMER CREDIT ACT 1995 (SECTION 2) (No. 3) REGULATIONS 2004.
I, MARY O’DEA, Consumer Director of the Irish Financial Services Regulatory Authority, in exercise of the powers conferred upon me by the Irish Financial Services Regulatory Authority pursuant to Section 33S of the Central Bank Act 1942 (as amended by the Central Bank and Financial Services Authority of Ireland Act 2003 ) and by Section 2(1) of the Consumer Credit Act 1995 (as amended by section 35(1) and Schedule 1, Part 21 of the Central Bank and Financial Services Authority of Ireland Act 2003 ) hereby make the following regulations:
1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2) (No. 3) Regulations 2004.
2. (1) START MORTGAGES Ltd. is, subject to paragraph (2) of this Regulation, prescribed for the purposes of paragraph (e) of the definition of “credit institution” in Section 2(1) of the Consumer Credit Act 1995 (as amended by section 35(1) and Schedule 1, Part 21 of the Central Bank and Financial Services Authority of Ireland Act 2003 ).
(2) START MORTGAGES Ltd. is not to be regarded as prescribed for the foregoing purposes in any cases where the APR charged by it in respect of any credit granted to a consumer equals or exceeds 23 per cent.
SIGNED on this the 16th day of November 2004.
MARY O’DEA,
Consumer Director of the Irish Financial Services Regulatory Authority.
EXPLANATORY NOTE.
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
S.I. No. 125/2008 –
Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008
CONSUMER CREDIT ACT 1995 (SECTION 2) (No. 1) REGULATIONS 2008
Notice of the making of this Statutory Instrument was published in
“Iris Oifigiúil” of 6th May, 2008.
I, MARY ODEA, Consumer Director of the Irish Financial Services Regulatory Authority, in exercise of the powers conferred upon me by the Irish Financial Services Regulatory Authority pursuant to Section 33S of the Central Bank Act, 1942 and by Section 2(1) of the Consumer Credit Act 1995 hereby make the following regulations:
1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2008.
2. These Regulations come into operation on 30 April 2008.
3. Regulation 2 of the Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 1996 ( S.I. No. 369 of 1996 ) is hereby amended by the deletion of the following:
ACC Bank Finance,
ACC Bank International,
ACC Bank Asset Finance Limited,
AIB Combined Leasing Limited,
Allied Irish Leasing Limited,
AIB International Leasing Limited,
Allied Irish Finance Limited,
The Hire-Purchase Company of Ireland Limited,
Anglo Irish International Financial Services Limited,
Beneficial Trust of Ireland Limited,
Irish Buyway Limited,
Phoenix Finance Trust Limited,
Fitzwilliam Leasing Limited,
Knightsdale Limited,
Ibidem Limited,
Ilios Limited,
Irish Life Finance Limited,
ILF Asset Finance Limited,
ILF Commercial Finance Limited,
ILF Leasing Limited,
ING Finance (Ireland) Limited,
Montbrison Limited,
Raasay Limited,
General Finance Trust Limited,
Hanvale Financial Services Limited,
M J Flood Leasing Limited,
Reloton Limited.
4. The words “Arnotts Limited” are hereby deleted from the Table to Consumer Credit Act 1995 (Section 2) Regulations 2001 ( S.I. No. 432 of 2001 ).
5. The following Statutory Instruments are hereby repealed:
Consumer Credit Act 1995 (Section 2) Regulations 2000 ( S.I. No. 113 of 2000 );
Consumer Credit Act 1995 (Section 2) (No. 2) Regulations 2002( S.I. No. 339 of 2002 ); and
Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2004( S.I. No. 93 of 2004 ).
/images/ls
Signed on this the
30 April 2008
MARY ODEA
Consumer Director of the Irish Financial Services Regulatory Authority.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation)
The purpose of these Regulations is to revoke the prescription of certain entities prescribed pursuant to paragraph (e) of the definition of “credit institution” in the Consumer Credit Act, 1995 .
S.I. No. 322/2012 –
Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012.
In exercise of the powers conferred on the Central Bank of Ireland by section 2 (1) of the Consumer Credit Act 1995 , the Central Bank of Ireland hereby makes the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2012
2. Regulation 2 of the Consumer Credit Act 1995 (Section 2) (No.2) Regulations 1996 ( S.I. No 369 of 1996 ) is hereby amended by the deletion of the following:
Lease Services Limited
Credit Service Ireland Limited, trading as Lake Leasing
Merrion Leasing Limited
Lansdowne Leasing Limited
Bank of Ireland Car Loans Limited
ICC Finance Limited
Eurofinance Limited
Smurfit Leasing Limited
New Holland Finance (Ireland) Limited
WoodchesterLeaseline Limited
Romoss Investments Limited
Woodchester Leasing Limited
Kynac Limited
Hamilton Leasing (Ireland) Limited
Smurfit Finance Limited
Thistle Finance Limited
3. The Consumer Credit Act 1995 (Section 2) Regulations 1996 ( SI No 127 of 1996 ) is hereby amended by the deletion of Regulation 2.
4. The words “Fiat Auto Financial Services Ireland” are hereby deleted from Regulation 2 of Consumer Credit Act 1995 (Section 2) Regulations 1999 ( SI No 15 of 1999 ).
5. The following Statutory Instruments are hereby repealed:
Consumer Credit Act 1995 (Section 2) Regulations 2001 ( SI No 432 of 2001 );
Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2005 ( SI No 371 of 2005 )
Consumer Credit Act 1995 (Section 2) (No.3) Regulations 2007 (SI 139 of 2007)
Consumer Credit Act 1995 (Section 2) (No.4) Regulations 2007 (SI 690 of 2007); and
Consumer Credit Act 1995 (Section 2) (No. 4) Regulations 2007 ( SI No 751 of 2007 )
/images/ls
Signed for and on behalf of the CENTRAL BANK OF IRELAND
15 August 2012.
MATTHEW ELDERFIELD,
Deputy Governor.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation)
The purpose of these Regulations is to revoke the prescription of certain entities prescribed pursuant to paragraph (e) of the definition of “credit institution” in the Consumer Credit Act, 1995 .
S.I. No. 355/2014 –
Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2014.
In exercise of the powers conferred on the Central Bank of Ireland by section 2 (1) of the Consumer Credit Act 1995 , the Central Bank of Ireland, hereby makes the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2014.
2. Section 2(1) of the Consumer Credit Act 1995 is hereby amended by the deletion from the definition of “credit institution” of the following:
Friends First Finance Limited.
Nua Homeloans Limited.
3. The Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 1999 ( S.I No. 15 of 1999 ) and the Consumer Credit Act 1995 (Section 2) (No. 1) Regulations 2007 ( S.I. No. 100 of 2007 ) are hereby repealed.
/images/ls
Signed for and on behalf of the CENTRAL BANK OF IRELAND
25 July 2014.
CYRIL ROUX,
Deputy Governor.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation)
The purpose of these Regulations is to revoke the prescription of a certain entity prescribed pursuant to paragraph (e) of the definition of “credit institution” in the Consumer Credit Act, 1995 .
S.I. No. 352/2015 –
Consumer Credit Act 1995 (Section 2) Regulations 2015.
In exercise of the powers conferred on the Central Bank of Ireland (the “Bank”) by section 2 (1) of the Consumer Credit Act 1995 , the Bank hereby makes the following Regulations:
1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2) Regulations 2015.
2. Section 2 (1) of the Consumer Credit Act 1995 is hereby amended by the deletion from the list of such persons prescribed pursuant to paragraph (e) of the definition of “credit institution” in the Consumer Credit Act 1995 , the following:
CIT Group Finance (Ireland)
3. The Consumer Credit Act 1995 (Section 2)(No. 2) Regulations 2004 ( S.I No. 414 of 2004 ) is hereby revoked.
/images/ls
Signed for and on behalf of theCENTRAL BANK OF IRELAND,
On this 31 day of July 2015.
CYRIL ROUX,
Deputy Governor.
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
The purpose of these Regulations is to revoke the prescription of a certain entity prescribed pursuant to paragraph (e) of the definition of “credit institution” in the Consumer Credit Act, 1995 .
S.I. No. 325/2016 –
Consumer Credit Act 1995 (Section 2) Regulations 2016.
In exercise of the powers conferred on the Central Bank of Ireland (the “Bank”) by section 2 (1) of the Consumer Credit Act 1995 (No 24 of 1995), the Bank hereby makes the following regulations:
1. These Regulations may be cited as the Consumer Credit Act 1995 (Section 2) Regulations 2016.
2. Section 2 (1) of the Consumer Credit Act 1995 is amended by the deletion from the list of such persons prescribed pursuant to paragraph (e) of the definition of “credit institution” in the Consumer Credit Act 1995 of the following:
“Woodchester Finance Limited”
3. Regulation 2 of the Consumer Credit Act 1995 (Section 2)(No. 2) Regulations 1996 ( S.I. No. 369 of 1996 ) is amended by deleting “Woodchester Finance Limited”.
/images/ls
Signed for and on behalf of the CENTRAL BANK OF IRELAND,
17 June 2016.
CYRIL ROUX,
Deputy Governor (Financial Regulation).
EXPLANATORY NOTE
(This note is not part of the Instrument and does not purport to be a legal interpretation.)
The purpose of these Regulations is to revoke the prescription of a certain entity prescribed pursuant to paragraph (e) of the definition of “credit institution” in the Consumer Credit Act 1995 .
S.I. No. 576/2022 –
Consumer Credit Act 1995 (section 98 A)(Maximum Interest Rates) Regulations 2022
I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by section 98A of the Consumer Credit Act 1995 (No. 24 of 1995), having consulted with the Central Bank of Ireland and having regard to the matters specified in subsection (5) of that section, hereby make the following regulations:
1. (1) These Regulations may be cited as the Consumer Credit Act 1995 (section 98A)(Maximum Interest Rates) Regulations 2022.
(2) These Regulations come into operation on 14 November 2022.
2. In respect of a loan (other than a running account) under a high cost credit agreement, the maximum rate of simple interest chargeable per week is one per cent.
3. In respect of a loan (other than a running account) under a high cost credit agreement, the maximum rate of simple interest chargeable per year is 48 per cent.
4. In respect of a running account under a high cost credit agreement, the maximum rate of nominal monthly interest chargeable on an outstanding balance is 2.83 per cent.
/images/ls
GIVEN under my Official Seal,
11 November, 2022.
PASCHAL DONOHOE,
Minister for Finance.
COUNCIL DIRECTIVE
of 22 December 1986
for the approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit
Directive (87/102/EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 100 thereof,
Having regard to the proposal from the Commission(1),
Having regard to the opinion of the European Parliament(2),
Having regard to the opinion of the Economic and Social Committee(3),
Whereas wide differences exist in the laws of the Member States in the field of consumer credit;
Whereas these differences of law can lead to distortions of competition between grantors of credit in the common market;
Whereas these differences limit the opportunities the consumer has to obtain credit in other Member States; whereas they affect the volume and the nature of the credit sought, and also the purchase of goods and services;
Whereas, as a result, these differences have an influence on the free movement of goods and services obtainable by consumers on credit and thus directly affect the functioning of the common market;
Whereas, given the increasing volume of credit granted in the Community to consumers, the establishment of a common market in consumer credit would benefit alike consumers, grantors of credit, manufacturers, wholesalers and retailers of goods and providers of services;
Whereas the programmes of the Europen Economic Community for a consumer protection and information policy(4) provide, inter alia, that the consumer should be protected against unfair credit terms and that a harmonization of the general conditions governing consumer credit should be undertaken as a priority;
Whereas differences of law and practice result in unequal consumer protection in the field of consumer credit from one Member State to another;
Whereas there has been much change in recent years in the types of credit available to and used by consumers; whereas new forms of consumer credit have emerged and continue to develop;
Whereas the consumer should receive adequate information on the conditions and cost of credit and on his obligations; whereas this information should include, inter alia, the annual percentage rate of charge for credit, or, failing that, the total amount that the consumer must pay for credit; whereas, pending a decision on a Community method or methods of calculating the annual percentage rate of charge, Member States should be able to retain existing methods or practices for calculating this rate, or failing that, should establish provisions for indicating the total cost of the credit to the consumer;
Whereas the terms of credit may be disadvantageous to the consumer; whereas better protection of consumers can be achieved by adopting certain requirements which are to apply to all forms of credit;
Whereas, having regard to the character of certain credit agreements or types of transaction, these agreements or transactions should be partially or entirely excluded from the field of application of this Directive;
Whereas it should be possible for Member States, in consultation with the Commission, to exempt from the Directive certain forms of credit of a non-commercial character granted under particular conditions;
Whereas the practices existing in some Member States in respect of authentic acts drawn up before a notary or judge are such as to render the application of certain provisions of this Directive unnecessary in the case of such acts; whereas it should therefore be possible for Member States to exempt such acts from those provisions;
Whereas credit agreements for very large financial amounts tend to differ from the usual consumer credit agreements; whereas the application of the provisions of this Directive to agreements for very small amounts could create unnecessary administrative burdens both for consumers and grantors of credit; whereas therefore, agreements above or below specified financial limits should be excluded from the Directive;
Whereas the provision of information on the cost of credit in advertising and at the business premises of the creditor or credit broker can make it easier for the consumer to compare different offers;
Whereas consumer protection is further improved if credit agreements are made in writing and contain certain minimum particulars concerning the contractual terms;
Whereas, in the case of credit granted for the acquisition of goods, Member States should lay down the conditions in which goods may be repossessed, particularly if the consumer has not given his consent; whereas the account between the parties should upon repossession be made up in such manner as to ensure that the repossession does not entail any unjustified enrichment;
Whereas the consumer should be allowed to discharge his obligations before the due date; whereas the consumer should then be entitled to an equitable reduction in the total cost of the credit;
Whereas the assignment of the creditor’s rights arising under a credit agreement should not be allowed to weaken the position of the consumer;
Whereas those Member States which permit consumers to use bills of exchange, promissory notes or cheques in connection with credit agreements should ensure that the consumer is suitably protected when so using such instruments;
Whereas, as regards goods or services which the consumer has contracted to acquire on credit, the consumer should, at least in the circumstances defined below, have rights vis-à-vis the grantor of credit which are in addition to his normal contractual rights against him and against the supplier of the goods or services; whereas the circumstances referred to above are those where grantor of credit and the supplier of goods or services have a pre-existing agreement whereunder credit is made available exclusively by that grantor of credit to customers of that supplier for the purpose of enabling the consumer to acquire goods or services from the latter;
Whereas the ECU is as defined in Council Regulation (EEC) No 3180/78(1), as last amended by Regulation (EEC) No 2626/84(2); whereas Member States should to a limited extent be at liberty to round off the amounts in national currency resulting from the conversion of amounts of this Directive expressed in ECU; whereas the amounts in this Directive should be periodically re-examined in the light of economic and monetary trends in the Community, and, if need be, revised;
Whereas suitable measures should be adopted by Member States for authorising persons offering credit or offering to arrange credit agreements or for inspecting or monitoring the activities of persons granting credit or arranging for credit to be granted or for enabling consumers to complain about credit agreements or credit conditions;
Whereas credit agreements should not derogate, to the detriment of the consumer, from the provisions adopted in implementation of this Directive or corresponding to its provisions; whereas those provisions should not be circumvented as a result of the way in which agreements are formulated;
Whereas, since this Directive provides for a certain degree of approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit and for a certain level of consumer protection, Member States should not be prevented from retaining or adopting more stringent measures to protect the consumer, with due regard for their obligations under the Treaty;
Whereas, not later than 1 January 1995, the Commission should present to the Council a report concerning the operation of this Directive,
HAS ADOPTED THIS DIRECTIVE:
Article 1
1. This Directive applies to credit agreements.
2. For the purpose of this Directive:
( a) ‘ consumer’ means a natural person who, in transactions covered by this Directive, is acting for purposes which can be regarded as outside his trade or profession;
( b) ‘ creditor’ means a natural or legal person who grants credit in the course of his trade, business or profession, or a group of such persons;
( c) ‘ credit agreement’ means an agreement whereby a creditor grants or promises to grant to a consumer a credit in the form of a deferred payment, a loan or other similar financial accommodation.
Agreements for the provision on a continuing basis of a service or a utility, where the consumer has the right to pay for them, for the duration of their provision, by means of instalments, are not deemed to be credit agreements for the purpose of this Directive;
( d) ‘ total cost of the credit to the consumer’ means all the costs of the credit including interest and other charges directly connected with the credit agreement, determined in accordance with the provisions or practices existing in, or to be established by, the Member States.
( e) ‘ annual percentage rate of charge’ means the total cost of the credit to the consumer expressed as an annual percentage of the amount of the credit granted and calculated according to existing methods of the Member States.
Article 2
1. This Directive shall not apply to:
( a) credit agreements or agreements promising to grant credit:
—intended primarily for the purpose of acquiring or retaining property rights in land or in an existing or projected building,
—intended for the purpose of renovating or improving a building as such;
( b) hiring agreements except where these provide that the title will pass ultimately to the hirer;
( c) credit granted or made available without payment of interest or any other charge;
( d) credit agreements under which no interest is charged provided the consumer agrees to repay the credit in a single payment;
( e) credit in the form of advances on a current account granted by a credit institution or financial institution other than on credit card accounts.
Nevertheless, the provisions of Article 6 shall apply to such credits;
( f) credit agreements involving amounts less than 200 ECU or more than 20 000 ECU;
( g) credit agreements under which the consumer is required to repay the credit:
—either, within a period not exceeding three months,
—or, by a maximum number of four payments within a period not exceeding 12 months.
2. A Member State may, in consultation with the Commission, exempt from the application of this Directive certain types of credit which fulfil the following conditions:
—they are granted at rates of charge below those prevailing in the market, and
—they are not offered to the public generally.
3. The provisions of Article 4 and of Articles 6 to 12 shall not apply to credit agreements or agreements promising to grant credit, secured by mortgage on immovable property, in so far as these are not already excluded from the Directive under paragraph 1 ( a) of this Article.
4. Member States may exempt from the provisions of Articles 6 to 12 credit agreements in the form of an authentic act signed before a notary or judge.
Article 3
Without prejudice to Council Directive 84/450/EEC of 10 September 1984 relating to the approximation of the laws, regulations and administrative provisions of the Member States concerning misleading advertising(1), and to the rules and principles applicable to unfair advertising, any advertisement, or any offer which is displayed at business premises, in which a person offers credit or offers to arrange a credit agreement and in which a rate of interest or any figures relating to the cost of the credit are indicated, shall also include a statement of the annual percentage rate of charge, by means of a representative example if no other means is practicable.
Article 4
1. Credit agreements shall be made in writing. The consumer shall receive a copy of the written agreement.
2. The written agreement shall include:
( a) a statement of the annual percentage rate of charge;
( b) a statement of the conditions under which the annual percentage rate of charge may be amended.
In cases where it is not possible to state the annual percentage rate of charge, the consumer shall be provided with adequate information in the written agreement. This information shall at least include the information provided for in the second indent of Article 6 (1).
3. The written agreement shall further include the other essential terms of the contract.
By way of illustration, the Annex to this Directive contains a list of terms which Member States may require to be included in the written agreement as being essential.
Article 5
By way of derogation from Articles 3 and 4 (2), and pending a decision on the introduction of a Community method or methods of calculating the annual percentage rate of charge, those Member States which, at the time of notification of this Directive, do not require the annual percentage rate of charge to be shown or which do not have an established method for its calculation, shall at least require the total cost of the credit to the consumer to be indicated.
Article 6
1. Notwithstanding the exclusion provided for in Article 2 (1) ( e), where there is an agreement between a credit institution or financial institution and a consumer for the granting of credit in the form of an advance on a current account, other than on credit card accounts, the consumer shall be informed at the time or before the agreement is concluded:
—of the credit limit, if any,
—of the annual rate of interest and the charges applicable from the time the agreement is concluded and the conditions under which these may be amended,
—of the procedure for terminating the agreement.
This information shall be confirmed in writing.
2. Furthermore, during the period of the agreement, the consumer shall be informed of any change in the annual rate of interest or in the relevant charges at the time it occurs. Such information may be given in a statement of account or in any other manner acceptable to Member States.
3. In Member States where tacitly accepted overdrafts are permissible, the Member States concerned shall ensure that the consumer is informed of the annual rate of interest and the charges applicable, and of any amendment thereof, where the overdraft extends beyond a period of three months.
Article 7
In the case of credit granted for the acquisition of goods, Member States shall lay down the conditions under which goods may be repossessed, in particular if the consumer has not given his consent. They shall further ensure that where the creditor recovers possession of the goods the account between the parties shall be made up so as to ensure that the repossession does not entail any unjustified enrichment.
Article 8
The consumer shall be entitled to discharge his obligations under a credit agreement before the time fixed by the agreement. In this event, in accordance with the rules laid down by the Member States, the consumer shall be entitled to an equitable reduction in the total cost of the credit.
Article 9
Where the creditor’s rights under a credit agreement are assigned to a third person, the consumer shall be entitled to plead against that third person any defence which was available to him against the original creditor, including set-off where the latter is permitted in the Member State concerned.
Article 10
The Member States which, in connection with credit agreements, permit the consumer:
( a) to make payment by means of bills of exchange including promissory notes;
( b) to give security by means of bills of exchange including promissory notes and cheques,
shall ensure that the consumer is suitably protected when using these instruments in those ways.
Article 11
1. Member States shall ensure that the existence of a credit agreement shall not in any way affect the rights of the consumer against the supplier of goods or services purchased by means of such an agreement in cases where the goods or services are not supplied or are otherwise not in conformity with the contract for their supply.
2. Where:
( a) in order to buy goods or obtain services the consumer enters into a credit agreement with a person other than the supplier of them;
and
( b) the grantor of the credit and the supplier of the goods or services have a pre-existing agreement whereunder credit is made available exclusively by that grantor of credit to customers of that supplier for the acquisition of goods or services from that supplier; and
( c) the consumer referred to in subparagraph ( a) obtains his credit pursuant to that pre-existing agreement; and
( d) the goods or services covered by the credit agreement are not supplied, or are supplied only in part, or are not in conformity with the contract for supply of them; and
( e) the consumer has pursued his remedies against the supplier but has failed to obtain the satisfaction to which he is entitled,
the consumer shall have the right to pursue remedies against the grantor of credit. Member States shall determine to what extent and under what conditions these remedies shall be exercisable.
3. Paragraph 2 shall not apply where the individual transaction in question is for an amount less than the equivalent of 200 ECU.
Article 12
1. Member States shall:
( a) ensure that persons offering credit or offering to arrange credit agreements shall obtain official authorization to do so, either specifically or as suppliers of goods and services; or
( b) ensure that persons granting credit or arranging for credit to be granted shall be subject to inspection or monitoring of their activities by an institution or official body; or
( c) promote the establishment of appropriate bodies to receive complaints concerning credit agreements or credit conditions and to provide relevant information or advice to consumers regarding them.
2. Member States may provide that the authorization referred to in paragraph 1 ( a) shall not be required where persons offering to conclude or arrange credit agreements satisfy the definition in Article 1 of the first Council Directive of 12 December 1977 on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions(1) and are authorized in accordance with the provisions of that Directive.
Where persons granting credit or arranging for credit to be granted have been authorized both specifically, under the provisions of paragraph 1 ( a) and also under the provisions of the aforementioned Directive, but the latter authorization is subsequently withdrawn, the competent authority responsible for issuing the specific authorization to grant credit under paragraph 1 ( a) shall be informed and shall decide whether the person concerned may continue to grant credit, or arrange for credit to be granted, or whether the specific authorization granted under paragraph 1 ( a) should be withdrawn.
Article 13
1. For the purposes of this Directive, the ECU shall be that defined by Regulation (EEC) No 3180/78, as amended by Regulation (EEC) No 2626/84. The equivalent in national currency shall initially be calculated at the rate obtaining on the date of adoption of this Directive.
Member States may round off the amounts in national currency resulting from the conversion of the amounts in ECU provided such rounding off does not exceed 10 ECU.
2. Every five years, and for the first time in 1995, the Council, acting on a proposal from the Commission, shall examine and, if need be, revise the amounts in this Directive in the light of economic and monetary trends in the Community.
Article 14
1. Member States shall ensure that credit agreements shall not derogate, to the detriment of the consumer, from the provisions of national law implementing or corresponding to this Directive.
2. Member States shall further ensure that the provisions which they adopt in implementation of this directive are not circumvented as a result of the way in which agreements are formulated, in particular by the device of distributing the amount of credit over several agreements.
Article 15
This Directive shall not preclude Member States from retaining or adopting more stringent provisions to protect consumers consistent with their obligations under the Treaty.
Article 16
1. Member States shall bring into force the measures necessary to comply with this Directive not later than 1 January 1990 and shall forthwith inform the Commission thereof.
2. Member States shall communicate to the Commission the texts of the main provisions of national law which they adopt in the field covered by this Directive.
Article 17
Not later than 1 January 1995 the Commission shall present a report to the Council concerning the operation of this Directive.
Article 18
This Directive is addressed to the Member States.
Done at Brussels, 22 December, 1986.
For the Council
The President
G. SHAW.
ANNEX
List of Terms Referred to in Article 4 (3)
1. Credit agreements for financing the supply of particular goods or services:
(i) a description of the goods or services covered by the agreement;
(ii) the cash price and the price payable under the credit agreement;
(iii) the amount of the deposit, if any, the number and amount of instalments and the dates on which they fall due, or the method of ascertaining any of the same if unknown at the time the agreement is concluded;
(iv) an indication that the consumer will be entitled, as provided in Article 8, to a reduction if he repays early;
(v) who owns the goods (if ownership does not pass immediately to the consumer) and the terms on which the consumer becomes the owner of them;
(vi) a description of the security required, if any;
(vii) the cooling-off period, if any;
(viii) an indication of the insurance(s) required, if any, and, when the choice of insurer is not left to the consumer, an indication of the cost thereof.
2. Credit agreements operated by credit cards:
(i) the amount of the credit limit, if any;
(ii) the terms of repayment or the means of determining them;
(iii) the cooling-off period, if any.
3. Credit agreements operated by running account which are not otherwise covered by the Directive:
(i) the amount of the credit limit, if any, or the method of determing it;
(ii) the terms of use and repayment;
(iii) the cooling-off period, if any.
4. Other credit agreements covered by the Directive:
(i) the amount of the credit limit, if any;
(ii) an indication of the security required, if any;
(iii) the terms of repayment;
(iv) the cooling-off period, if any;
(v) an indication that the consumer will be entitled, as provided in Article 8, to a reduction if he repays early.
Part II
COUNCIL DIRECTIVE
of 22 February 1990
amending Directive 87/102/EEC for the approximation of the laws, regulations and administrative provisions of the Member States concerning consumer credit