(1) A building society shall not charge a tiered interest rate -

(a) on a loan made under the repealed enactments, unless a tiered interest rate was lawfully charged on the date of the repeal; or

(b) on a housing loan made under this Act, unless a tiered rate is charged from the day on which the mortgage securing the loan is created, the charging of a tiered rate is specifically mentioned in the mortgage and is acknowledged in writing by the member in a form to be specified by the Central Bank.

(2) In this section -

(a) "tiered interest rate" means the rate of interest on a loan where the rate - (i) is determined by reference to the amount of the loan made or to the amount outstanding at any time on foot of the loan, or to the income of the member to whom the loan is made, as the case may be, and (ii) is greater than the lowest rate of interest applicable at the time to loans of the same type made by the society to members generally, and