(1) Subject to subsection (2), a party to an arbitration agreement who is a consumer shall not be bound (unless he or she otherwise agrees at any time after the dispute has arisen) by an arbitration agreement where -

(a) the agreement between the parties contains a term which has not been individually negotiated concerning the requirement to submit to arbitration disputes which may arise, and

(b) the dispute which has arisen between the parties to the agreement involves a claim for an amount not exceeding €5,000.

(2) For the avoidance of doubt, a reference in this section to a consumer shall not include an amateur sportsperson who, in his or her capacity as such, is a party to an arbitration agreement that contains a term concerning the requirement to submit to arbitration.