Section 2 of the Act of 1995 is amended, in subsection (1) -

(a) by the deletion of the definitions of "moneylender", "moneylender’s licence", "moneylending" and "moneylending agreement", and

(b) by the insertion of the following definitions:

"'high cost credit’ means credit supplied by a high cost credit provider to a consumer on foot of a high cost credit agreement;

'high cost credit agreement’ means a credit agreement into which a high cost credit provider 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 high cost credit provider 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 high cost credit provider 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 high cost credit provider or the representative of the high cost credit provider at any place other than the business premises of the high cost credit provider or the business premises of the supplier of goods or services under the agreement;

(d) 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;