S.I. No. 245/1996 - Consumer Credit Act, 1995 (Section 28) Regulations, 1996.

S.I. No. 245 of 1996.

CONSUMER CREDIT ACT, 1995 (SECTION 28) REGULATIONS, 1996.

I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 28 of the Consumer Credit Act, 1995 (No. 24 of 1995), after consultation with the Director of Consumer Affairs, the Minister for Finance and the Central Bank of Ireland and the Minister for the Environment in relation to Regulation 2 of the following Regulations, hereby make the following Regulations:

1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 28) Regulations, 1996.

2. Section 21 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995), is hereby amended -

( a ) by the insertion after "if mentioning a rate of interest" of "or making any claim in relation to the cost of credit" and

( b ) by the insertion after "using a representative example if no other means is practicable," of "provided it is indicated that this is only a representative example,"

and the said subsection, as so amended, is set out in Part I of the Table to these Regulations.

3. Section 22 of the Consumer Credit Act, 1995 (No. 24 of 1995), is hereby amended -

( a ) by the insertion of ", where applicable," before "a statement of-", and

( b ) by the substitution for paragraph (c) of the following paragraph:

"(c) the APR and the total cost of credit or the hire-purchase price,"

and the said section, as so amended, is set out in Part II of the Table to these Regulations.

TABLE

PART I

(1) An advertisement in which a person offers to provide or arrange the provision of credit shall, if mentioning a rate of interest or making any claim in relation to the cost of credit, contain a clear and prominent statement of the APR, using a representative example if no other means is practicable, provided it is indicated that this is only a representative example, and no other rate of interest shall be included in the advertisement.

PART II

22 Where an advertisement refers to the availability of a financial accommodation in relation to the acquisition of goods or the provision of a service, it shall include, where applicable, a statement of -

(a) the nature of the financial accommodation,

(b) the cash price of the goods or service,

(c) the APR and the total cost of credit or the hire-purchase price,

(d) the number and amount of instalments,

(e) the duration of the intervals between instalment payments,

(f) the number of any instalments which have to be piad before delivery of the goods, and

(g) details of any deposit payable.

GIVEN under my Official Seal, this 8th day of August, 1996.

RICHARD BRUTON

Minister for Enterprise and Employment.

EXPLANATORY NOTE.

These Regulations supplement the advertising provisions of the Consumer Credit Act, 1995 .