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Term of loan under high cost credit agreement
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7. The Act of 1995 is amended by the insertion of the following section after section 94:
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“94A. (1) Subject to subsection (2), a high cost credit provider shall not grant a loan whose term exceeds 52 weeks.
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(2) Subsection (1) shall not apply to—
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(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
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(b) a running account under a high cost credit agreement.”.
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