Consumer Credit Act, 1995

Moneylending agreements which include a collection charge.

103.—(1) Where the amount payable under a moneylending agreement includes a collection charge in respect of the payment of repayments at a location other than the business premises of the moneylender, the agreement shall include the following:

(a) a clear indication of the amount of that charge,

(b) a statement that the borrower shall have the option of making the repayment at the business premises of the moneylender,

(c) a statement that if the borrower exercises the option, the charge will not be payable, and

(d) a statement that the borrower may indicate his unwillingness to avail of the option by signing a statement to this effect which has been explained to the borrower in a manner specified by the Director, this signature to be additional to the borrower's signature in relation to any of the terms of the agreement.

(2) A moneylender shall ensure that any moneylending agreement entered into with him complies with this section.