Consumer Credit Act, 1995

Consumer Credit Act, 1995 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1995 Consumer Credit Act, 1995 Consumer Credit Act, 1995 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Revised Act Acht Athbh… Print Full ActPriontáil an tAcht Iomlán Number 24 of 1995 CONSUMER CREDIT ACT, 1995 ARRANGEMENT OF SECTIONS PART I Preliminary and General Section 1. Short title and commencement. 2. Interpretation. 3. Application. 4. Functions of Director. 5. Powers of Director in respect of investigations. 6. Direction of Director in respect of statements and notices. 7. Authorised officers. 8. Prohibition on unauthorised disclosure of information. 9. APR. 10. Criteria for calculation of APR. 11. Laying of regulations before Houses of Oireachtas. 12. Offences. 13. Penalties. 14. Prosecution of offences. 15. Cost of prosecutions. 16. Immunity of Director. 17. Transitional provision. 18. Expenses of Minister and Director. 19. Repeals. PART II Advertising and Offering of Financial Accommodation 20. Application of Part II. 21. Credit advertisements. 22. Advertising of financial accommodation related to goods or services. 23. Advertising of consumer-hire agreements. 24. Comparative advertising. 25. Advertising of credit as being without charge. 26. Advertising of financial accommodation to comply with this Part. 27. Obligation on provider of financial accommodation to ensure advertisements comply with Part. 28. Regulations relating to advertising of financial accommodation. PART III Requirements Relating to Credit Agreements and Form and Contents thereof 29. Application of Part III. 30. General requirements relating to contents of credit agreements. 31. Contents of credit agreements for cash loans. 32. Requirements relating to credit-sale agreements. 33. Avoidance of certain provisions in credit-sale agreements. 34. Requirements relating to contents of contracts for services. 35. Advances on current account. 36. Notice of important information to be included in credit agreements. 37. Regulations. 38. Enforceability. 39. Obligations on creditors to comply with Part III. PART IV Matters Arising During Currency of Agreements 40. Assignment of creditor's or owner's rights. 41. Use of bills of exchange, etc. 42. Liability regarding goods and services. 43. Duty to supply documents and information. 44. Appropriation of payments. 45. Restrictions on written communications. 46. Visits and telephone calls. 47. Excessive rates of charge for credit. 48. Power of court to re-open credit agreement where charge is excessive. 49. Making demands and threats in relation to unenforceable agreements. 50. Cooling-off period. PART V Matters Arising on Termination of Agreements or on Default 51. Application of Part V. 52. Indebtedness may be discharged before time fixed by agreement. 53. Reduction where amount owed becomes payable before time fixed by agreement. 54. Limitation on right of enforcement. 55. Unjustified enrichment. PART VI Hire-Purchase Agreements 56. Application of Part VI. 57. Requirement to state cash price. 58. Contents of hire-purchase agreements. 59. Enforceability. 60. Regulations. 61. Obligation on owners to comply with sections 58 and 60. 62. Avoidance of certain provisions in hire-purchase agreements. 63. Rights of hirer to determine hire-purchase agreement. 64. Restriction on right of owner to recover possession of goods otherwise than by proceedings. 65. Hire-purchase price. 66. Powers of court in actions for recovery of possession of goods. 67. Liability for failure to take reasonable care of goods. 68. Liability of guarantor where goods are returned to the owner. 69. Duty of hirer to give information as to whereabouts of goods. 70. Sale by dealer of goods let to him under a hire-purchase agreement. 71. Evidence of adverse detention in actions by owners to recover possession of the goods. 72. Successive hire-purchase agreements between the same parties. 73. Hirer's refusal to surrender goods not to be conversion in certain cases. 74. Implied terms as to title. 75. Letting by description. 76. Implied undertakings as to quality or fitness. 77. Samples. 78. Statements purporting to restrict rights of hirer. 79. Exclusion of implied terms and conditions. 80. Liability of persons conducting negotiations antecedent to hire-purchase agreements. 81. Application of sections 12 and 15 to 19 of Act of 1980 to hire-purchase agreements. 82. Application of section 13 of Act of 1980 to hire-purchase of motor vehicles. 83. Antecedent negotiations and representations. PART VII Consumer-Hire Agreements 84. Contents of consumer-hire agreements. 85. Enforceability. 86. Regulations. 87. Obligation on owners to comply with sections 84 and 86. 88. Application of sections 75 to 83 to consumer-hire agreements. 89. Right of hirer to determine consumer-hire agreement. 90. Hirer to take reasonable care of goods. 91. Duty of hirer to give information as to whereabouts of goods. PART VIII Provisions Relating to Moneylending 92. Application of Part VIII. 93. Moneylender's licence. 94. Obligation on moneylender to display licence. 95. “Moneylending agreement” to be stated in agreement. 96. Prohibition on alteration or falsification of moneylender's licence. 97. Moneylender to issue authorisation to persons engaging in moneylending on his behalf off business premises. 98. Prohibition on engaging in business of moneylending without licence. 99. Loan or other credit to be advanced in full. 100. Repayment book. 101. Records to be maintained by moneylender. 102. Prohibition on charges for expenses on loans by moneylenders. 103. Moneylending agreements which include a collection charge. 104. Presumption. 105. Powers of entry of Garda Síochána. 106. Search warrants. 107. Prohibition on possession of documents belonging to another person for moneylending. 108. Obligation to produce to member of Garda Síochána moneylender's licence or authorisation. 109. Powers of arrest. 110. Prohibition on collecting repayments at certain times. 111. Prohibition on selling goods while collecting repayments. 112. Prohibition on increased charges for credit on default. 113. Continuity of licences granted under Moneylenders Act, 1933. 114. Regulations. PART IX Housing Loans Made by Mortgage Lenders 115. Application of, definitions, Part IX. 116. Mortgage intermediaries. 117. Obligation to display copy of mortgage intermediaries authorisation. 118. Prohibition on alteration or falsification of mortgage intermediaries authorisation. 119. Amendment of mortgage intermediaries authorisation. 120. Regulations. 121. Redemption of housing loans. 122. Criteria for calculation of APR in relation to housing loans. 123. Valuation reports. 124. Insurance of mortgaged property. 125. Costs of legal investigation of title. 126. Mortgage protection insurance. 127. Prohibition on linking of services. 128. Warning on loss of home. 129. Notice of important information to be included in a housing loan agreement. 130. Duties of mortgage lender to supply documents and information. 131. Disclosure of charges, agency introduction fees, commissions and expenses. 132. Disclosure of other fees. 133. Endowment loans. 134. Disclosure of interest rate and penalties to be applied to arrears on housing loans. 135. Advertising of housing loans. 136. Protection of borrower on a winding-up. PART X Miscellaneous 137. Regulations in relation to duty to display information. 138. Restrictions as to use of inertia selling provisions in agreements. 139. Circulars to minors. 140. Prohibition on exclusion of obligations or rights in agreements. 141. Statements purporting to exclude or restrict liabilities or rights. 142. Duty to disclose information concerning financial standing of consumer. 143. Correction of incorrect information. PART XI Credit Intermediaries 144. Credit intermediaries. 145. Obligation to display copy of credit intermediaries authorisation. 146. Prohibition on alteration or falsification of credit intermediaries authorisation. 147. Amendment of credit intermediaries authorisation. 148. Nature of “finance arranged” to be explained to consumer. PART XII Obligation on Credit Institutions to Notify Director of all Customer Charges 149. Customer charges, etc., by credit institutions. 150. Disclosure of information by Director. PART XIII Moneylenders, Credit and Mortgage Intermediaries Registers 151. Moneylenders, credit intermediaries and mortgage intermediaries registers. PART XIV Amendment of Sale of Goods and Supply of Services Act, 1980 152. Amendment of Act of 1980. PART XV Amendment of Pawnbrokers Act, 1964 153. Licensing of pawnbrokers. 154. Amendment of Pawnbrokers Act, 1964. 155. Continuity of licences granted by Revenue Commissioners. PART XVI Amendment of Consumer Information Act, 1978 156. Amendment of section 9 of Consumer Information Act, 1978. FIRST SCHEDULE SECOND SCHEDULE THIRD SCHEDULE FOURTH SCHEDULE FIFTH SCHEDULE SIXTH SCHEDULE SEVENTH SCHEDULE EIGHTH SCHEDULE Number 24 of 1995 CONSUMER CREDIT ACT, 1995 AN ACT TO REVISE AND EXTEND THE LAW RELATING TO CONSUMER CREDIT, HIRE-PURCHASE, HIRING AND MONEYLENDING AND TO ENABLE EFFECT TO BE GIVEN TO COUNCIL DIRECTIVE NO. 87/102/EEC OF 22 DECEMBER, 1986, AS AMENDED BY COUNCIL DIRECTIVE NO. 90/88/EEC OF 22 FEBRUARY, 1990, AND FOR THOSE PURPOSES TO REPEAL THE HIRE-PURCHASE ACTS, 1946 TO 1980, AND THE MONEYLENDERS ACTS, 1900 TO 1989, AND TO REPEAL AND AMEND CERTAIN PROVISIONS OF THE SALE OF GOODS AND SUPPLY OF SERVICES ACT, 1980 , TO PROVIDE THAT THE DIRECTOR OF CONSUMER AFFAIRS SHALL MONITOR ALL CUSTOMER CHARGES BY CREDIT INSTITUTIONS AND FOR THAT PURPOSE TO REPEAL SECTION 28 OF THE CENTRAL BANK ACT, 1989 , TO PROVIDE FOR THE AMENDMENT AND EXTENSION OF THE PAWNBROKERS ACT, 1964 , TO PROVIDE FOR THE AMENDMENT OF SECTION 9 OF THE CONSUMER INFORMATION ACT, 1978 , AND TO PROVIDE FOR CONNECTED MATTERS. [31st July, 1995] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS: PART I Preliminary and General Short title and commencement. 1.—(1) This Act may be cited as the Consumer Credit Act, 1995. (2) This Act shall come into operation on such day or days as the Minister may appoint by order or orders either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes and different provisions. Interpretation. 2.—(1) In this Act, unless the context otherwise requires— “the Act of 1980” means the Sale of Goods and Supply of Services Act, 1980 ; “advertisement” includes every form of advertising, whether in a publication, by television or radio, by display of notices, signs, labels, showcards or goods, by distribution of samples, circulars, catalogues, price lists or other material, by exhibition of pictures, models or films, or in any other way, and references to the publishing of advertisements shall be construed accordingly; “agreement” means an agreement to which this Act applies; “APR” means the annual percentage rate of charge, being the total cost of credit to the consumer, expressed as an annual percentage of the amount of credit granted and calculated in accordance with section 9 ; “authorised copy” in relation to a moneylender's licence, a mortgage intermediaries authorisation or a credit intermediaries authorisation, means a copy of the licence or authorisation for display purposes issued by the Director in such form as he may decide; “authorised officer” means— (a) in relation to this Act, other than Part VIII , a person appointed under section 7 , or (b) in relation to Part VIII , a member of the Garda Síochána; “borrower” means a consumer acting as a borrower; “business name” means the name or style under which any business is carried on; “buyer” means a consumer acting as a buyer; “cash” includes money in any form; “cash price” means the money consideration for a transaction for the purchase of goods or the supply of a service by a consumer which is not financed by credit; “Central Bank” means the Central Bank of Ireland; “collecting repayments” means, in respect of a moneylending agreement, the collection of repayments in respect of the agreement at a place other than a business premises of the moneylender; “company” means— (a) a company within the meaning of the Companies Acts, 1963 to 1990, or (b) a body established under the laws of a state other than the State and corresponding to a body referred to in paragraph (a); “consumer” means a natural person acting outside his trade, business or profession; “consumer-hire agreement” means an agreement of more than three months duration for the bailment of goods to a hirer under which the property in the goods remains with the owner; “contract of guarantee” means, in relation to any agreement, a contract, made at the request express or implied of the consumer, to guarantee the performance of the consumer's obligations under the agreement, and the expression “guarantor” shall be construed accordingly; “cooling-off period” has the meaning assigned to it by section 50 ; “the Council Directive” means Council Directive No. 87/102/EEC of 22 December 1986(1) , for the approximation of the laws, regulations and administrative provisions of the Member States of the European Communities concerning consumer credit, as amended by Council Directive No. 90/88/EEC of 22 February 1990(2) , the texts of which are set out for convenience of reference in Parts I and II , respectively, of the First Schedule ; “credit” includes a deferred payment, cash loan, or any other form of financial accommodation; “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 cash loan or other similar financial accommodation; “credit card” means a card issued by a credit institution or other person to an individual by means of which goods, services or cash may be obtained by the individual on credit and amounts in respect of the goods, services or cash may be charged to the credit card account of the individual maintained by the credit institution or other person; “credit institution” means— (a) the holder of a licence granted under section 9 of the Central Bank Act, 1971 , (b) a body licensed to carry on banking under regulations made under the European Communities Act, 1972 , (c) a building society incorporated or deemed to be incorporated under section 10 of the Building Societies Act, 1989 , (d) a society licensed to carry on the business of a trustee savings bank under section 10 of the Trustee Savings Banks Act, 1989 , (e) ACC Bank p.l.c., (f) ICC Bank p.l.c., (g) such person or persons which may from time to time be prescribed; “credit intermediary” means a person, other than a credit institution or a mortgage lender, who in the course of his business arranges or offers to arrange for a consumer the provision of credit or the letting of goods in return for a commission, payment or consideration of any kind from the provider of the credit or the owner, as the case may be; “credit intermediaries authorisation” means an authorisation granted under section 144 ; “credit-sale agreement” means a credit agreement for the sale of goods under which the purchase price or part of it is payable in instalments and the property in the goods passes to the buyer immediately upon the making of the agreement; “creditor” means a person who grants credit under a credit agreement in the course of his trade, business or profession, and includes a group of such persons; “the Director” means the Director of Consumer Affairs; “financial accommodation” includes credit and the letting of goods; “functions” includes powers and duties; “hirer” means a consumer who takes, intends to take or has taken goods from an owner under a hire-purchase agreement or a consumer-hire agreement in return for periodical payments; “hire-purchase agreement” means an agreement for the bailment of goods under which the hirer may buy the goods or under which the property in the goods will, if the terms of the agreement are complied with, pass to the hirer in return for periodical payments; and where by virtue of two or more agreements, none of which by itself constitutes a hire-purchase agreement, there is a bailment of goods and either the hirer may buy the goods, or the property therein will, if the terms of the agreements are complied with, pass to the hirer, the agreements shall be treated for the purpose of this Act as a single agreement made at the time when the last agreement was made; “house” includes any building or part of a building used or suitable for use as a dwelling and any outoffice, yard, garden or other land appurtenant thereto or usually enjoyed therewith; “housing loan” means an agreement for credit on the security of a mortgage of a freehold or leasehold estate or interest in a house where— (a) the loan is made for the purpose of enabling the borrower to provide or improve the house or to purchase the said estate or interest, or (b) the loan is made for the purpose of refinancing a loan within the meaning of paragraph (a), or (c) the house is to be used or to continue to be used as the principal residence of the borrower or his dependants; “installation charge” means the charge for— (a) the installing of any electric line or any gas or water pipe, (b) the fixing of goods to which the agreement relates to the premises where they are to be used, and the alteration of premises to enable any such goods to be used thereon, and (c) where it is reasonably necessary that any such goods should be constructed or erected on the premises where they are to be used, any work carried out for the purpose of such construction or erection; “the Minister” means the Minister for Enterprise and Employment; “moneylender” means a person who carries on the business of moneylending, or who advertises or announces himself or holds himself out in any way as carrying on that business; but does not include— (a) any pawnbroker in respect of business carried on by him in accordance with the provisions of the Pawnbrokers Act, 1964 (as amended by Part XV ), (b) a society which is registered as a credit union under the Industrial and Provident Societies Acts, 1893 to 1978, by virtue of the Credit Union Act, 1966 , (c) a registered society within the meaning of the Friendly Societies Acts, 1896 to 1977, (d) a credit institution, (e) a person who supplies money for the purchase, sale or hire of goods at an APR which is less than 23 per cent. (or such other rate as may be prescribed), (f) a mortgage lender; “moneylender's licence” means a licence granted under section 93 ; “moneylending” means credit supplied by a moneylender to a consumer on foot of a moneylending agreement; “moneylending agreement” means a credit agreement into which a moneylender enters, or offers to enter, with a consumer in which one or more of the following apply: (a) the agreement was concluded away from the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement, (b) any negotiations for, or in relation to the credit were conducted at a place other than the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement, (c) repayments under the agreement will, or may, be paid by the consumer to the moneylender or his representative at any place other than the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement, or (d) where the total cost of credit to the consumer under the agreement is in excess of an APR of 23 per cent., or such other rate as may be prescribed; “mortgage” includes charge; “mortgage lender” means— (a) a credit institution making housing loans, or (b) any other person of a class prescribed after consultation with the Minister for the Environment, for the purposes of the Act; “mortgage intermediary” means any person, other than a mortgage lender or credit institution, who in return for a commission, payment or consideration of any kind in relation to the credit transaction, arranges or offers to arrange the provision of a housing loan by a mortgage lender; “motor vehicle” means a vehicle intended or adapted for propulsion by mechanical means; “owner” means the person who lets or has let goods to a hirer under a hire-purchase agreement or a consumer-hire agreement; “partnership” has the meaning assigned to it by the Partnership Act, 1890 ; “premises” includes any building, dwelling, temporary construction, vehicle, ship or aircraft; “prescribed” means prescribed by regulations made by the Minister and “prescribe” shall be construed accordingly; “record” means any book, document or any other written or printed material in any form including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form; “regulations” means regulations made by the Minister; “running account” means a facility under a credit agreement whereby the consumer is enabled to receive, from time to time, from the creditor or a third party, cash, goods or services to an amount or value such that, taking into account payments made by or to the credit of the consumer, the credit limit (if any) is not at any time exceeded; “total cost of credit” means the total cost of the credit to the consumer being all the costs, comprising interest, collection and all other charges, which the consumer has to pay for the credit exclusive of any sum payable as a penalty or as compensation or damages for breach of the agreement; “undertaking” means a company, partnership or any other person. (2) In this Act a reference to a borrower, buyer, consumer, creditor, hirer, owner or seller includes a person to whom the borrower's, buyer's, consumer's, creditor's, hirer's, owner's or seller's rights or liabilities, as the case may be, under an agreement have passed by assignment or operation of law. (3) In this Act a reference to a section, Part or Schedule, is a reference to a section or Part of, or Schedule to this Act, unless there is an indication that a reference to any other enactment is intended or otherwise indicated. (4) In this Act a reference to a subsection, paragraph or subparagraph is a reference to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless there is an indication that a reference to some other provision is intended. (5) Any reference in this Act to a term of an agreement includes a reference to a term which although not contained in an agreement is incorporated in the agreement by another term of the agreement. (6) A word or expression that is used in this Act and is also used in the Council Directive has, unless the contrary intention appears, the meaning in this Act that it has in the Council Directive. (7) In construing a provision of this Act, a court shall give to it a construction that will give effect to the Council Directive, and for this purpose a court shall have regard to the provisions of the Council Directive, including the preambles. (8) In this Act a reference to any enactment shall be construed as a reference to that enactment as amended or adapted by or under any subsequent enactment. Application. 3.—(1) Subject to subsections (2) and (3), this Act shall apply to all credit agreements, hire-purchase agreements and consumer-hire agreements to which a consumer is a party. (2) This Act shall not apply to the following, that is to say— (a) a credit agreement in relation to credit granted or intended to be granted by— (i) a society which is registered as a credit union under the Industrial and Provident Societies Acts, 1893 to 1978, by virtue of the Credit Union Act, 1966 , (ii) any registered society within the meaning of the Friendly Societies Acts, 1896 to 1977, (b) a credit agreement in the form of an authentic act signed before a notary public or a judge, (c) a loan made by a pawnbroker under the Pawnbrokers Act, 1964 (as amended by Part XV ), (d) an agreement for the provision on a continuing basis of a service or a utility where the consumer has the right to pay for it, by means of instalments or deferred payments, (e) credit granted or made available without payment of interest or any other charge other than by a seller of goods who has invited by advertisement consumers to avail of such credit, (f) a credit agreement other than a credit agreement operated by means of a credit card under which no interest is charged provided the consumer agrees to repay the credit in a single payment, or (g) a credit agreement between an employer and an employee made on terms which are more favourable to the employee than terms offered generally to the public in the normal course of business. (3) (a) The provisions of this Act may only be applied to housing loans advanced by local authorities, within the meaning of the Local Government Act, 1941 , by regulations made by the Minister after consultation with the Minister for the Environment, and different provisions may be applied at different times to different classes of loans, by reference to such matters as the Minister considers appropriate. (b) A loan, not secured by mortgage, made by a local authority for the purposes of carrying out improvement works (within the meaning of section 1 of the Housing (Miscellaneous Provisions) Act, 1979 ) to a house shall be regarded as a housing loan (within the meaning of this Act) for the purposes of this Act. Functions of Director. 4.—(1) The Director shall have the following functions for the purposes of this Act in addition to the other powers conferred on him by this Act: (a) to keep under general review practices or proposed practices in relation to any of the obligations imposed on persons by any provision of this Act, (b) to carry out investigations of any such practices or proposed practices where he considers that in the public interest, such investigations are proper or the Minister so requests, (c) to request persons engaging in or proposing to engage in such practices as are, or are likely to be, contrary to the obligations imposed on them by any provision of this Act to discontinue or refrain from such practices, (d) to institute proceedings, after consultation with the Central Bank, in the High Court for orders requiring persons engaging or proposing to engage in any practices as are, or are likely to be, contrary to the obligations imposed on them by any provision of this Act, to discontinue or refrain from such practices (having been requested under paragraph (c) to so discontinue or refrain and failed to do so), (e) to investigate complaints concerning possible breaches of the provisions of this Act and in deciding whether to conduct such an investigation the Director may have regard to the existence of other dispute settling procedures, and (f) to publish Codes of Practice setting out conduct regarding agreements to which this Act applies, in order to secure transparency and fairness in relation to the terms of agreements to which this Act applies and the conduct of agents dealing with the consumer. (2) The Director may provide in response to complaints or otherwise, information or advice to consumers concerning agreements to which this Act applies, and, in particular, on the obligations imposed on creditors or other persons by this Act. (3) The Director shall, not more than 3 months after the end of each year, present a report to the Minister of the Director's activities in that year in relation to the performance of the Director's functions under this Act and the Minister shall cause a copy of the report to be laid before each House of the Oireachtas within 2 months of receipt of it. (4) The Director shall furnish to the Minister such information regarding the performance of the Director's functions under this Act as the Minister may from time to time require. Powers of Director in respect of investigations. 5.—(1) The Director may, for the purposes of an investigation by him under this Act, require any person who, in the opinion of the Director is in possession of information, or has a record or thing in his power or control, that is relevant to the investigation to furnish that information, record or thing to the Director and, where appropriate, may require the person to attend before him for that purpose and the person shall comply with the requirement. (2) A person to whom a requirement is addressed under this section shall be entitled to the same immunities and privileges as if he were a witness before a court. (3) A person shall not by act or omission obstruct or hinder the Director in the performance of his functions under this Act or do any other thing which would, if the Director were a court having power to commit for contempt of court, be in contempt of such court. (4) Where a person is in contempt under subsection (3) the Director may apply to the High Court to commit the person for such contempt. Direction of Director in respect of statements and notices. 6.—(1) The Director may, in the interest of better informing consumers, by such means as he sees fit, and subject to this Act, issue a direction as to the location and size of any statement or notice required under this Act. (2) Any person so directed under subsection (1) shall comply with that direction. Authorised officers. 7.—(1) The Minister or the Director may appoint in writing such and so many persons to be authorised officers for the purposes of all or any of the provisions of this Act. (2) The Minister or the Director may appoint in writing any person to be an authorised officer for a fixed period for the purposes of all or any of the provisions of this Act. (3) Every authorised officer appointed under this section shall be furnished with a warrant of his appointment as an authorised officer and when exercising any power conferred on him by this section as an authorised officer shall, if requested by a person affected, produce the warrant or a copy thereof to that person. (4) An appointment under this section as an authorised officer shall cease— (a) in the case of an appointment made by the Minister, where the Minister revokes the appointment, (b) in the case of an appointment made by the Director, where the Director revokes the appointment, (c) where it is for a fixed period, upon the expiry of that period, or (d) where the person appointed is an officer of the Minister or the Director, upon his ceasing to be such an officer. (5) An authorised officer may, for the purpose of obtaining any information which may be required in relation to the matter under investigation in order to enable the Director to exercise his functions under this Act— (a) at all reasonable times enter any premises, at which there are reasonable grounds to believe that any trade or business or any activity in connection with a trade or business is, or has been, carried on, or that records in relation to such trade, business or activities are kept, and search and inspect the premises and any records on the premises, (b) secure for later inspection any premises or any part of a premises in which such records are kept or there are reasonable grounds for believing that such records are kept, (c) require any person who carries on such trade, business or activity or any person employed therewith to produce to him such records and in the case of such information in a non-legible form to reproduce it in a legible form or to give to him such information as the officer may reasonably require in relation to any entries in such records, (d) inspect and take copies of or extracts from any such records (including in the case of information in a non-legible form a copy of or extract from such information in a permanent legible form), (e) remove and retain the said records for such period as may be reasonable for further examination, subject to a warrant being issued for that purpose by the District Court, (f) require any such person to give to the officer any information which the officer may reasonably require in regard to the trade, business or activity or in regard to the persons carrying on such trade, business or activity or employed in connection therewith, (g) require any such person to give to the officer any other information which the officer may reasonably require in regard to such trade, business or activity, (h) require any person by or on whose behalf data equipment is or has been used or any person having charge of, or otherwise concerned with the operation of, the data equipment or any associated apparatus or material, to afford the officer all reasonable assistance in relation thereto, (i) summon, at any reasonable time, any other person employed in connection with the trade, business or activity to give to the officer any information which the officer may reasonably require in regard to such activity and to produce to the officer any records which are in that person's power or control. (6) An authorised officer shall not, other than with the consent of the occupier, enter a private dwelling unless he has obtained a warrant from the District Court under subsection (9) authorising such entry. (7) Where an authorised officer in the exercise of his powers under this section is prevented from entering any premises an application may be made under subsection (9) authorising such entry. (8) An authorised officer appointed under this section, where he considers it necessary, may be accompanied by a member of the Garda Síochána when performing any powers conferred on an authorised officer by this Act. (9) If a judge of the District Court is satisfied on the sworn information of an authorised officer that there are reasonable grounds for suspecting that there is information required by an authorised officer under this section held on any premises or any part of any premises, the judge may issue a warrant authorising an authorised officer, accompanied by other authorised officers, at any time or times within one month from the date of issue of the warrant, on production if so requested of the warrant, to enter, if need be by reasonable force, and exercise all or any of the powers conferred on an authorised officer under subsection (5). (10) A person shall not obstruct or interfere with an authorised officer in the exercise of his powers under this Act or give to an authorised officer information which is false or misleading. (11) A person shall comply with any request or requirement of an authorised officer under this Act. Prohibition on unauthorised disclosure of information. 8.—A person shall not disclose confidential information obtained by him while performing his duties as an authorised officer or as a member of the staff of, or as adviser or consultant to, the Director unless he is duly authorised by the Director or a member of the staff of the Director (duly authorised in that behalf) to do so. 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, agreed by the creditor and the consumer, calculated to the nearest rounded decimal place in accordance with the method of calculation specified in the Fourth Schedule . (2) The Minister may by regulations amend the method of calculation of the APR specified in the Fourth Schedule either generally or in relation to any form of credit covered in this Act. (3) The Director shall, from time to time, publish guidelines to explain the method of calculation of the APR under this Act. Criteria for calculation of APR. 10.—(1) This section shall apply to credit agreements other than housing loans. (2) For the purpose of calculating the APR the total cost of credit to the consumer shall be determined, with the exception of the following charges: (a) charges payable by the consumer for non-compliance with any of his commitments laid down in the credit agreement, (b) charges other than the purchase price which, in purchases of goods or services, the consumer is obliged to pay whether the transaction is paid in cash or by credit, (c) charges for the transfer of funds and charges for keeping an account intended to receive payments towards the reimbursement of the credit, the payment of interest and other charges except where the consumer does not have reasonable freedom of choice in the matter and where such charges are abnormally high; this paragraph shall not, however, apply to charges for collection of such reimbursements or payments, whether made in cash or otherwise, (d) membership subscriptions to associations or groups and arising from agreements separate from the credit agreement, even though such subscriptions have an effect on the credit terms, (e) charges for insurance or guarantees other than those designed to ensure payment to the creditor, in the event of the death, invalidity, illness or unemployment of the consumer, of a sum equal to or less than the total amount of the credit together with relevant interest, and other charges imposed by the creditor as a condition for credit being granted. (3) (a) The APR shall be calculated— (i) in the case of a credit agreement, at the time the agreement is concluded, or (ii) in the case of an advertisement which relates to the offering of credit and mentions the APR, at the time the advertisement is published, and (b) the calculation shall be made on the assumption that the credit agreement is valid for the period agreed and that the creditor and the consumer fulfil their obligations under the terms and by the dates agreed. (4) In the case of credit agreements containing terms allowing variations in the rate of interest and the amount or level of other charges contained in the APR but unquantifiable at the time when it is calculated, the APR shall be calculated on the assumption that interest and other charges remain fixed and will apply until the end of the credit agreement. The variability shall be indicated with equal prominence to and along with the APR. (5) In the case of credit agreements containing terms allowing variations in the rate of interest and the amount or level of other charges contained in the APR but quantifiable at the time when it is calculated, the APR shall be calculated to take account of the rates applicable from the specific dates set out in the agreement. (6) Where necessary, the following assumptions may be made in calculating the APR: (a) if there is no fixed timetable for repayment, and one cannot be deduced from the terms of the credit agreement and the means for repaying the credit granted, the duration of the credit shall be deemed to be one year, (b) unless otherwise specified, where the credit agreement provides for more than one repayment date, the credit will be made available and the repayments made at the earliest time provided for in the agreement, (c) where the amount of credit to be provided is not specified— (i) in the case of running account credit, where a credit limit is specified, it shall be assumed that the maximum amount of credit is provided for the duration of the agreement, and (ii) in any other case, it shall be assumed that the amount provided shall be £1,000, (d) where charges are payable at an unspecified date after the agreement is signed it shall be assumed that they are payable at the beginning of the agreement. (7) A creditor shall comply with the requirements of this section in relation to the calculation of the APR in respect of a credit agreement. Laying of regulations before Houses of Oireachtas. 11.—Every regulation made under this Act shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next 21 days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to the validity of anything previously done thereunder. Offences. 12.—(1) A person who— (a) in Part I , contravenes section 6 (2), 7 (10) or (11) or 10 (7), (b) in Part II , contravenes section 26 or 27 , or regulations under section 28 , (c) in Part III , contravenes section 39 , (d) in Part IV , contravenes section 43 (2), (e) in Part VI , contravenes section 61 , 64 (1) or 69 , (f) in Part VII , contravenes section 87 or 91 , (g) in Part VIII , contravenes section 93 (6) or (9), 94 , 95 , 98 (4) or (5), 99 , 105 (3) or (4), 106 (2) or (3), (h) in Part IX , contravenes section 116 (1) or (2), 117 , 122 (3), 123 , 124 , 128 , 129 (2), 130 , 131 (4) or (5), 132 , 133 (1) or (2), 134 or 135 (3), (i) in Part X , contravenes section 138 , 139 , 142 or 143 (2), or regulations made under section 137 , or (j) in Part XI , contravenes section 144 (1) or (3), 145 or 148 , shall be guilty of a summary offence. (2) A person who— (a) in Part IV , contravenes section 45 , 46 or 49 , (b) in Part V , contravenes section 54 , (c) in Part VIII , contravenes section 96 , 97 , 98 (1) or (2), 100 , 101 , 102 , 103 (2), 107 , 110 or 111 , (d) in Part IX , contravenes section 118 or 127 , or (e) in Part X , contravenes section 140 , (f) in Part XI , contravenes section 146 , shall be guilty of an offence. (3) Where an offence under this Act is committed by a body corporate or by a person acting on behalf of a body corporate and is proved to have been so committed with the consent, connivance or approval of, or to have been facilitated by any neglect on the part of any director, manager, secretary or any other officer of such body or a person who was purporting to act in any such capacity, such person shall also be guilty of an offence and shall be liable to be proceeded against and punished as if he were guilty of the first-mentioned offence. (4) In this section, a reference to the contravention of a provision includes, where appropriate, a reference to a refusal, or a failure, to comply with that provision. Penalties. 13.—(1) A person guilty of an offence under this Act shall be liable— (a) on summary conviction, to a fine not exceeding £1,500, or to imprisonment for a term not exceeding 12 months or to both, or (b) on conviction on indictment, to a fine not exceeding £50,000, or to imprisonment for a term not exceeding 5 years or to both. (2) Where a person, after conviction for an offence under this Act, continues to contravene the provision concerned, he shall be guilty of an offence on every day on which the contravention continues and for each such offence he shall be liable to a fine— (a) on summary conviction, not exceeding £200, or (b) on conviction on indictment, not exceeding £5,000. Prosecution of offences. 14.—(1) An offence under this Act (other than an offence for contravening Part VIII ) may be prosecuted summarily by the Director. (2) An offence under this Act for contravening Part VIII may be prosecuted summarily by a member of the Garda Síochána. (3) Notwithstanding the provisions of section 10 (4) of the Petty Sessions (Ireland) Act, 1851 , summary proceedings for an offence under this Act may be commenced— (a) at any time within 2 years from the date on which the offence was committed, or (b) at any time within 6 months from the date on which evidence sufficient, in the opinion of the person by whom the proceedings are initiated, to justify the proceedings, comes to such person's knowledge, not being later than 5 years from the date on which the offence concerned was committed. Cost of prosecutions. 15.—Where a person is convicted of an offence under this Act the court shall, unless it is satisfied that there are special and substantial reasons for not so doing, order the person to pay to the Director the costs and expenses, measured by the court, incurred by the Director in relation to the investigation, detection and prosecution of the offence. Immunity of Director. 16.—No action or other proceedings shall lie or be maintainable (except in the case of wilful neglect or default) against the Director arising from a failure to perform or to comply with any of the functions conferred on the Director by this Act. Transitional provision. 17.—(1) (a) Part III shall not apply to any credit agreement, (b) Part VI shall not apply to any hire-purchase agreement, (c) sections 100 , 101 and 103 shall not apply to a moneylending agreement, and (d) Part IX , other than sections 121 , 124 , 130 (b), 133 (6), 134 and 136 , shall not apply to a housing loan, made before the commencement of this Act. (2) The Hire-Purchase Acts, 1946 to 1980, shall continue to apply to any hire-purchase agreement or credit-sale agreement (within the meaning of the Hire-Purchase Act, 1946 ) made before the commencement of Part VII which is still in force after its commencement notwithstanding the repeal of those Acts by section 19 . Expenses of Minister and Director. 18.—The expenses incurred by the Minister or the Director in the administration of this Act shall, to such extent as may be sanctioned by the Minister for Finance, be paid out of moneys provided by the Oireachtas. Repeals. 19.—The enactments specified in column (2) of the Second Schedule are hereby repealed to the extent specified in column (3) of that Schedule. PART II Advertising and Offering of Financial Accommodation Application of Part II . 20.—(1) Subject to subsection (2), this Part applies to any advertisement, published or displayed for the purpose of a business carried on by the advertiser indicating willingness to— (a) provide or to arrange the provision of credit, (b) enter into a hire-purchase or consumer-hire agreement for the letting of goods by the advertiser, or (c) arrange the letting of goods under a hire-purchase or consumer-hire agreement by another person, to a consumer. (2) This Part does not apply to any advertisement published or displayed by a society referred to in section 3 (2) (a). Credit advertisements. 21.—(1) An advertisement in which a person offers to provide or arrange the provision of credit shall, if mentioning a rate of interest, contain a clear and prominent statement of the APR, using a representative example if no other means is practicable, and no other rate of interest shall be included in the advertisement. (2) The statement of the APR included in any advertisement to which subsection (1) applies shall be afforded in the advertisement no less prominence than a statement relating to— (a) any period over which payment is to be made, (b) the amount of any advance payment or the fact that no advance payment is required, and (c) the amount, number or frequency of any other payments or charges (other than the cash price of the goods or services) or of any repayments. (3) An advertisement (other than one relating to a housing loan) shall, where the credit offered is subject to conditions involving the payment of any charges other than the repayment of capital and interest on the sum borrowed, specify those conditions. (4) An advertisement shall, if any security is required or is required in specific circumstances in relation to the credit offered, state that such security is required. (5) Notwithstanding section 7 of the Consumer Information Act, 1978 , it shall not be an offence for a person to provide credit at a lower rate than the rate advertised. (6) Where an advertisement refers to the availability of credit and the credit is subject to any restrictions, those restrictions shall be clearly indicated. Advertising of financial accommodation related to goods or services. 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 a statement of— (a) the nature of the financial accommodation, (b) the cash price of the goods or service, (c) where applicable, 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 paid before delivery of the goods, and (g) details of any deposit payable. Advertising of consumer-hire agreements. 23.—(1) An advertisement in which a person offers to arrange the letting of goods under a consumer-hire agreement or indicates the availability of such a letting shall include a statement to the effect that the agreement is for letting, hiring or leasing only and the goods remain the property of the owner, (i) which shall be afforded no less prominence than the sum of any amount payable by the hirer, and (ii) in the case of a visual advertisement, shall be enclosed by a boxed boundary line. (2) Where any figures relating to the amount payable by a hirer under a consumer-hire agreement are indicated in any advertisement to which subsection (1) applies, those figures shall be clearly displayed and shall be fully inclusive of all amounts payable, including taxes. (3) Where any figures relating to the amount payable by a hirer under a consumer-hire agreement are indicated in any advertisement to which subsection (1) applies, and those figures indicate the amount payable for part of the agreement only, that fact shall also be clearly indicated in the advertisement. Comparative advertising. 24.—Where an advertisement purports to compare the level of repayments or cost under one or more forms of financial accommodation, the advertisement shall contain the relevant terms of each of the forms of financial accommodation referred to in the advertisement. Advertising of credit as being without charge. 25.—An advertisement shall not describe credit as being without interest, or any other charge, if the availability of the credit is dependent on the consumer concluding with the creditor or any other person a maintenance contract (for any goods involved) or an insurance contract or on any other condition, compliance with which would, or would be likely in the future to, involve the consumer in any cost additional to that payable if the goods were bought for cash. Advertising of financial accommodation to comply with this Part. 26.—(1) A person shall not display or publish or cause to be displayed or published an advertisement to which this Part applies which does not comply with this Part. (2) In any proceedings for contravening subsection (1), it shall be a defence for the accused, being a person other than the provider of credit, to show that he is a person whose business it is to publish or arrange for the publication of advertisements and that he received the advertisement in question for publication in the ordinary course of business and did not know and had no reason to suspect that its publication would constitute a contravention of subsection (1). (3) For the purposes of this section an advertisement published by displaying it shall be treated as published on every day on which it is displayed. Obligation on provider of financial accommodation to ensure advertisements comply with Part. 27.—(1) Where the provider of a financial accommodation, in respect of any financial accommodation provided by him through a credit intermediary, has devised any part of an advertisement or supplied, or has been requested to supply, information in relation to it, but is not the advertiser, the provider shall ensure the advertisement displayed or published complies with this Part. (2) In any proceedings for contravening this section it shall be a defence for the accused being the provider of a financial accommodation in relation to an advertisement which does not comply with this Part to show that it was displayed or published without his consent or connivance or that he made reasonable efforts to ensure that it complied with this Part or to prevent its publication. Regulations relating to advertising of financial accommodation. 28.—(1) The Minister may, after consultation with the Director, the Minister for Finance and the Central Bank, by regulations from time to time make such further provision as he considers necessary for the purposes of this Part, with regard to the form or content of advertisements relating to the availability or the cost or the provision of credit to consumers and in doing so may amend or modify section 21 , 22 , 23 , 24 or 25 . (2) Where the Minister proposes to make any regulations under this section relating to housing loans he shall consult the Minister for the Environment before making any such regulations. PART III Requirements Relating to Credit Agreements and Form and Contents thereof Application of Part III . 29.—This Part shall apply to all credit agreements other than housing loans. General requirements relating to contents of credit agreements. 30.—(1) A credit agreement and any contract of guarantee relating thereto shall be made in writing and signed by the consumer and by or on behalf of all other parties to the agreement, and— (a) a copy of the agreement shall be— (i) handed personally to the consumer upon the making of the agreement, or (ii) delivered or sent to the consumer by the creditor within 10 days of the making of the agreement, and (b) in the case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be— (i) handed personally to the guarantor upon the making of the contract, or (ii) sent within 10 days of the making of any contract by the creditor to the guarantor. (2) A credit agreement shall contain a statement in respect of the cooling-off period that the consumer— (a) has a right to withdraw from the agreement without penalty if the consumer gives written notice to this effect to the creditor within a period of 10 days of the date of receipt by the consumer of a copy of the agreement, or (b) may indicate that he does not wish to exercise this right by signing a statement to this effect, this signature to be separate from, and additional to, the consumer's signature in relation to any of the terms of the agreement. (3) A credit agreement shall contain a statement of— (a) the names and addresses of all the parties to the agreement, and (b) any costs or penalties to which the consumer may become liable for any failure by the consumer to comply with the terms of the agreement. (4) This section does not apply to credit in the form of advances on a current account, or on credit card accounts. Contents of credit agreements for cash loans. 31.—(1) A credit agreement for a cash loan, other than an advance on a current account, or a credit card account shall contain a statement of the following— (a) the amount of the credit lent under the agreement, (b) the date the credit is to be advanced, (if known), (c) the amount of each repayment instalment, (d) the rate of interest charged and the APR, (e) the conditions under which the APR may be changed, (f) any charges not included in the calculation of the APR but which have to be paid by the borrower in certain given circumstances, (g) the number of repayment instalments, (h) the date, or the method of determining the date, upon which each repayment instalment is payable, (i) the total amount payable in respect of the loan, (j) the date of expiry of the loan, (k) the means and the cost of any termination by the borrower of the agreement before the final repayment instalment. (2) A credit agreement operated by means of a credit card or a running account shall contain a statement of— (a) the amount of the credit limit, if any, (b) the rate of interest charged and the APR, (c) the terms of use and repayment, and (d) the means and the cost of termination of the agreement. Requirements relating to credit-sale agreements. 32.—(1) Before any credit-sale agreement is entered into in respect of the sale of goods the seller shall state in writing the cash price to the prospective buyer, otherwise than in the agreement. (2) Subsection (1) shall be deemed to have been complied with— (a) if the buyer has inspected the goods or like goods and at the time of his inspection tickets or labels were attached to or displayed with the goods clearly stating the cash price, either of the goods as a whole or of all the different articles or sets of articles comprised therein, or (b) if the buyer has selected the goods by reference to a catalogue, price list or advertisement, which clearly stated the cash price either of the goods as a whole or of all the different articles or sets of articles comprised therein. (3) A credit-sale agreement shall contain a statement of— (a) the total cost of credit, (b) the cash price of the goods to which the agreement relates, (c) the amount of each of the instalments by which the total cost of credit is to be paid, (d) the date, or the method of determining the date, upon which each instalment is payable, (e) the number of instalments, (f) the cost of any termination of the agreement by the buyer before final payment, and (g) where applicable— (i) the rate of interest charged and the APR, (ii) the conditions under which the APR may be changed. (4) A credit-sale agreement shall contain a description of the goods to which the agreement relates sufficient to identify them. (5) A credit-sale agreement shall contain in a prominent position the words “Credit-Sale Agreement”. Avoidance of certain provisions in credit-sale agreements. 33.—Any provision in any credit-sale agreement whereby— (a) any person acting on behalf of a seller in connection with the formation or conclusion of a credit-sale agreement is treated or is deemed to be the agent of the buyer, or (b) a seller is relieved from liability for the acts or defaults of any person acting on the seller's behalf in connection with the formation or conclusion of a credit-sale agreement, shall be void. Requirements relating to contents of contracts for services. 34.—A credit agreement which is a contract for the supply of services, other than financial services, shall contain— (a) a statement of— (i) the total cost of credit, (ii) the cash price of the services to which the agreement relates, (iii) the amount of each instalment by which the total cost of credit is to be paid, (iv) the date, or the method of determining the date, upon which each instalment is payable, (v) the means and the cost of any termination of the agreement by the consumer before final payment, and (vi) where applicable— (I) the rate of interest charged, and (II) …