The Act of 1995 is amended by the insertion of the following section after section 94:

''94A.

(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.".