Consumer Credit Act, 1995

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Reduction where amount owed becomes payable before time fixed by agreement.

53.—(1) Where, for any reason, the amount owed by a consumer under an agreement becomes payable before the time fixed by the agreement, or any sum becomes payable by him before the time so fixed, the consumer shall be entitled to a reduction in the total cost of credit calculated, subject to subsection (2), in accordance with any method or formula approved for that purpose, and different methods or formulae may be approved for different classes of agreements—

(a) by the Central Bank in the case of an agreement where the creditor or the owner, as the case may be, is a credit institution, or

(b) by the Director in any other case.

(2) The Minister, with the consent of the Minister for Finance, and after consultation with the Central Bank, may prescribe a method or formula for the reduction under subsection (1) in relation to agreements generally or any class of agreement, which shall be in lieu of any method or formula approved of under that subsection.