Table of Contents
Consumer Credit Act, 1995 (No. 24)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-3)1. Short title and commencement.2. Interpretation.3. Application.Part IA Responsibilities and Powers of Director of Consumer Affairs (ss. 4-8F)4. Interpretation: Part IA.5. Functions of Director.6. Director to report and provide information to Minister.7. Powers of Director in respect of investigations.8. Directions of Director in respect of statements and notices.8A. Appointment of authorised officers for purposes of this Part.8B. Powers of authorised officers under this Part.8C. Issue of search warrants.8D. Obstruction of authorised officer when exercising powers.8E. Authorised officers may be accompanied by other persons when exercising powers.8F. Prohibition on unauthorised disclosure of information.Part IB Functions and Powers of Central Bank of Ireland (ss. 8G-8Q)8G. Interpretation: Part IB.8H. Functions of Bank under this Act.8I. Bank to provide information to Minister.8J. Bank to prepare annual report of its activities under this Act.8K. Powers of Bank in respect of investigations.8L. Directions of Bank in respect of statements and notices.8M. Appointment of authorised officers for purposes of this Part.8N. Powers of authorised officers.8O. Issue of search warrants.8P. Obstruction of authorised officer when exercising.8Q. Authorised officers may be accompanied by other persons when exercising powers.Part IC Provisions Applicable to Director and Bank (ss. 9-19)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 prosecution.16. Director and Bank to be immune from certain civil proceedings.17. Transitional provision.18. Expenses incurred in administering this Act.19. Repeals.Part II Advertising and Offering of Financial Accommodation (ss. 20-28)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 availability and cost of credit.Part IIA Annual Percentage Rate (ss. 28A-28B)28A. Maximum APR: credit agreements.28B. Maximum APR: hire-purchase agreements.Part III Requirements Relating to Credit Agreements and Form and Contents thereof (ss. 29-39)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 relating to form and content of credit agreements.38. Enforceability.39. Obligations on creditors to comply with Part III.Part IV Matters Arising During Currency of Agreements (ss. 40-50)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 (ss. 51-55)51. Application of Part V.52. Consumer entitled to discharge agreement early.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 (ss. 56-83)56. Application of Part VI.56A. Sections 73A to 73X: Interpretation.57. Requirement to state cash price.58. Contents of hire-purchase agreements.59. Enforceability.60. Regulations relating to form and content of hire-purchase agreements.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.73A. Goods to be in conformity with hire-purchase agreement at time of delivery.73B. Owner to have right to sell goods etc.73C. Subjective requirements for conformity with hire-purchase agreement.73D. Objective requirements for conformity with hire-purchase agreement.73E. Incorrect installation of goods.73F. Implied terms of hire-purchase agreement.73G. Liability of owner.73H. Burden of proof.73I. Right to remedies under sections 73J and 73K.73J. Short-term right to terminate hire-purchase agreement.73K. Repair or replacement of goods.73L. Right to proportionate reduction in price or final termination of hire purchase agreement.73M. Price reduction.73N. Obligations of hirer in event of termination of hire-purchase agreement.73O. Obligations of owner where hire-purchase agreement terminated.73P. Time limits and means of reimbursement by owner.73Q. Effect of termination of hire-purchase agreement on ancillary contract.73R. Representations purporting to restrict rights of hirer: offences.73S. Exclusion or limitation of liability of owner.73T. Liability for commercial guarantee.73U. Liability of owner for another's commercial guarantee.73V. Liability under commercial guarantee to subsequent hirers.73W. Provision and content of commercial guarantee statement.73X. Exclusion or limitation of rights of hirer under commercial guarantee.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 (ss.84-91)84. Contents of consumer-hire agreements.85. Enforceability.86. Regulations relating to form and content of consumer-hire agreements.87. Obligation on owners to comply with sections 84 and 86.88. Application of sections 73A 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 (ss. 92-114B)92. Application and interpretation of Part VIII.93. Moneylender's licence.94. Obligation on moneylender to display licence.94A. Term of loan under high cost credit agreement95. "Moneylending agreement" to be stated in agreement.96. Moneylender's licence not to be altered or falsified.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.98A. Maximum interest rates99. 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. Certain persons not to be regarded as moneylenders.114A. Provision of information by Bank to Minister114B. Transitional provisions arising from Consumer Credit (Amendment) Act 2022Part IX Housing Loans made by Mortgage Lenders (ss.115-136)115. Application of, definitions, Part IX.116. Mortgage intermediaries.116A. Non-application of section 116 and deemed application of certain provisions117. Obligation to display copy of mortgage intermediaries authorisation.118. Mortgage intermediaries authorisation not to be altered or falsified.119. Amendment of mortgage intermediaries authorisation.120. Certain persons not to be regarded as mortgage intermediaries.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 (ss. 137-143)137. Regulations relating to display of 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 (ss. 144-148)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 (ss. 149-150)149. Customer charges, etc., by credit institutions that are subject to regulation by the Bank.149A. Customer charges, etc. payable by persons authorised to carry on business of a bureau de change.150. Disclosure of information by Bank.Part XIII Moneylenders, Credit and Mortgage Intermediaries Registers (ss. 151-151B)151. Credit intermediaries register.151A. Registers of moneylenders and mortgage intermediaries.151B. Certified copy of entry in register to be admissible in evidence.Part XIV Amendment of Sale of Goods and Supply of Services Act, 1980 (s. 152)152. Amendment of Act of 1980.Part XV Amendment of Pawnbrokers Act, 1964 (ss. 153-155)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 (s. 156)156. Amendment of section 9 of Consumer Information Act, 1978.First Schedule Council Directive 87/102/EEC and Council Directive 90/88/EECFirst Schedule, Part IFirst Schedule, Part IIFirst Schedule, Part IIISecond Schedule Enactments RepealedThird Schedule Forms of Notice to be Included in AgreementsFourth Schedule APR - Method of CalculationFifth Schedule Notice to be Included in Hire-Purchase AgreementSixth Schedule Record of RepaymentsSeventh Schedule Consent to Collect Repayments Between the Hours of 8.00 a.m. and 10.00 a.m.Eighth Schedule Amendment of Pawnbrokers Act, 1964Eighth Schedule, Part IEighth Schedule, Part IIEighth Schedule, Part III
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Fourth Schedule APR - Method of Calculation
The Basic Equation Expressing the Equivalence of Loans on the one Hand and Repayments and Charges on the Other
Meaning of letters and symbols:
K is the number of a loan
K’ is the number of a repayment or a payment of charges
Ak is the amount of loan number K
A’k’ is the amount of repayment number K’
∑ represents a sum
m is the number of the last loan
m’ is the number of the last repayment or payment of charges
tk is the interval, expressed in years and fractions of a year, between the date of loan No. 1 and those of subsequent loans Nos 2 to m
tk’ is the interval, expressed in years and fractions of a year, between the date of loan No. 1 and those of repayments or payments of charges Nos 1 to m’