7. Term of loan under high cost credit agreement
This format of the bill is taken from the text of stage 1 published on 7 March 2022 by Dáil Éireann
The Act of 1995 is amended by the insertion of the following section after section 94:
(1) Subject to subsection (2), a high cost credit provider shall not grant a loan whose term exceeds 52 weeks.
(2) Subsection (1) shall not apply to -
(a) a loan granted under a high cost credit agreement that is entered into before the date on which the Consumer Credit (Amendment) Act 2022 comes into operation, or
(b) a running account under a high cost credit agreement.".