Consumer Credit (Amendment) Act 2022
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Amendment of section 2 of Act of 1995 | ||
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2. Section 2 of the Act of 1995 is amended, in subsection (1) — | ||
(a) by the deletion of the definitions of “moneylender”, “moneylender’s licence”, “moneylending” and “moneylending agreement”, and | ||
(b) by the insertion of the following definitions: | ||
“‘high cost credit’ means credit supplied by a high cost credit provider to a consumer on foot of a high cost credit agreement; | ||
‘high cost credit agreement’ means a credit agreement into which a high cost credit provider enters, or offers to enter, with a consumer in which one or more of the following apply: | ||
(a) the agreement was concluded away from the business premises of the high cost credit provider or the business premises of the supplier of goods or services under the agreement; | ||
(b) any negotiations for, or in relation to the credit were conducted at a place other than the business premises of the high cost credit provider or the business premises of the supplier of goods or services under the agreement; | ||
(c) repayments under the agreement will, or may, be paid by the consumer to the high cost credit provider or the representative of the high cost credit provider at any place other than the business premises of the high cost credit provider or the business premises of the supplier of goods or services under the agreement; | ||
(d) the total cost of credit to the consumer under the agreement is in excess of an APR of 23 per cent, or such other rate as may be prescribed; | ||
‘high cost credit provider’ means a person who engages in the provision of high cost credit, or who advertises or announces themselves or holds themselves out in any way as engaging in the provision of high cost credit, but does not include— | ||
(a) any pawnbroker in respect of business carried on by the pawnbroker in accordance with the provisions of the Pawnbrokers Act 1964 , | ||
(b) a society which is registered as a credit union under the Credit Union Act 1997 , | ||
(c) a registered society within the meaning of the Friendly Societies Acts 1896 to 2021, | ||
(d) a credit institution, | ||
(e) a person who supplies money for the purchase, sale or hire of goods at an APR which is less than or equal to 23 per cent (or such other rate as may be prescribed), or | ||
(f) a mortgage lender; | ||
‘high cost credit provider’s licence’ means a licence granted under section 93;”. |