Consumer Credit (Amendment) Act 2022

Amendment of section 100 of Act of 1995

10. Section 100 of the Act of 1995 is amended—

(a) by the substitution of the following subsection for subsection (1):

“(1) A high cost credit provider shall, in respect of every high cost credit agreement, supply or make available to the borrower, in accordance with subsection (3), on paper or another durable medium, a book or document (in this section referred to as a ‘repayment book’)—

(a) in which to record repayments made under the agreement,

(b) which shall be completed and maintained by the high cost credit provider in accordance with this section, and

(c) which shall be separate from the agreement.”,

(b) in subsection (2)(a)—

(i) by the substitution of the following subparagraph for subparagraph (vii):

“(vii) the rate of interest to be charged (including the APR expressed as € per €100 borrowed) on foot of the credit advanced,”,

and

(ii) by the substitution of the following subparagraph for subparagraph (viii):

“(viii) the total cost of credit—

(I) in euro, and

(II) as a percentage of the amount borrowed,”,

and

(c) by the insertion of the following subsections after subsection (2):

“(3) A high cost credit provider shall, for the purposes of compliance with subsection (1)—

(a) offer to supply or make available the repayment book to the borrower in a choice of paper and at least one other durable medium, and

(b) supply or make available the repayment book to the borrower in the durable medium chosen by the borrower.

(4) In this section, ‘durable medium’ means any medium that enables a person to store information in a way that renders it accessible to the borrower for future reference for a period of time adequate for the purposes of the information and allows the unchanged reproduction of the information.”.