(1) A consumer is entitled to a reduction in the total cost of credit under an agreement if for any reason -
(a) the amount owed by the consumer becomes payable before the time fixed by the agreement, or
(b) any money becomes payable by the consumer before the time so fixed.
(2) Except where subsection (3) applies, the reduction is to be calculated in accordance with a method or formula approved for that purpose by the Bank.
(3) The Minister for Finance may, after consultation with the Bank, make a regulation prescribing a method or formula for calculating the reduction in the total cost of credit under agreements generally or any class of agreement.
(4) A method or formula prescribed by a regulation made under subsection (3) replaces a method or formula approved under subsection (2) to the extent that the regulation purports to supersede the method or formula so approved.