Written Terms
Consumer Credit Act 1995
PART III
Requirements Relating to Credit Agreements and Form and Contents thereof
Annotations:
Modifications (not altering text):
C13
Application of Part restricted (11.06.2010) by European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010), reg. 4(2), (4), in effect as per reg. 2, as substituted (20.12.2012) by European Union (Consumer Credit Agreements) (Amendment) Regulations 2012 (S.I. No. 579 of 2012), reg. 2(c).
Relationship of Parts 2 to 7 of these Regulations with Consumer Credit Act 1995
4. …
[(2) Subject to paragraph (4), parts III (other than sections 30(1) and (4)), IV (other than sections 42, 46, 47 and 48) and V of the Act of 1995 do not apply in relation to a credit agreement to which Parts 2 to 7 apply. ]
…
[(4) Paragraph (2) does not affect the operation of any provision of Part III, IV or V of the Act of 1995 in relation to a contract of guarantee that relates to a credit agreement. ]
(5) Nothing in this Regulation affects the operation of any provision of the Act of 1995 in relation to advertising, or a credit agreement, to which Parts 2 to 7 of these Regulations do not apply.
…
Application of Part III .
29.— This Part shall apply to all credit agreements other than housing loans.
General requirements relating to contents of credit agreements.
30.— (1) A credit agreement and any contract of guarantee relating thereto shall be made in writing and signed by the consumer and by or on behalf of all other parties to the agreement, and—
F58 [ ( a ) a copy of the agreement shall be sent to the consumer by the creditor within 10 days of the making of the agreement, and
( b ) in the case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be sent to the guarantor by the creditor within 10 days of the making of the contract. ]
(2) A credit agreement shall contain a statement in respect of the cooling-off period that the consumer—
( a) has a right to withdraw from the agreement without penalty if the consumer gives written notice to this effect to the creditor within a period of 10 days of the date of receipt by the consumer of a copy of the agreement, or
( b) may indicate that he does not wish to exercise this right by signing a statement to this effect, this signature to be separate from, and additional to, the consumer’s signature in relation to any of the terms of the agreement.
(3) A credit agreement shall contain a statement of—
( a) the names and addresses of all the parties to the agreement, and
( b) any costs or penalties to which the consumer may become liable for any failure by the consumer to comply with the terms of the agreement.
(4) This section does not apply to credit in the form of advances on a current account, or on credit card accounts.
Annotations:
Amendments:
F58
Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 76, S.I. No. 287 of 2013.
Contents of credit agreements for cash loans.
31.— (1) A credit agreement for a cash loan, other than an advance on a current account, or a credit card account shall contain a statement of the following—
( a) the amount of the credit lent under the agreement,
( b) the date the credit is to be advanced, (if known),
( c) the amount of each repayment instalment,
( d) the rate of interest charged and the APR,
( e) the conditions under which the APR may be changed,
( f) any charges not included in the calculation of the APR but which have to be paid by the borrower in certain given circumstances,
( g) the number of repayment instalments,
( h) the date, or the method of determining the date, upon which each repayment instalment is payable,
( i) the total amount payable in respect of the loan,
( j) the date of expiry of the loan,
( k) the means and the cost of any termination by the borrower of the agreement before the final repayment instalment.
(2) A credit agreement operated by means of a credit card or a running account shall contain a statement of—
( a) the amount of the credit limit, if any, F59 [ at the commencement of the agreement and any conditions in relation to any variation of the limit, ]
( b) the rate of interest charged and the APR,
( c) the terms of use and repayment, and
( d) the means and the cost of termination of the agreement.
Annotations:
Amendments:
F59
Inserted (13.05.1996) by Consumer Credit Act, 1995 (Section 37) Regulations 1996 (S.I. No. 129 of 1996), reg. 2.
Requirements relating to credit-sale agreements.
32.— (1) Before any credit-sale agreement is entered into in respect of the sale of goods the seller shall state in writing the cash price to the prospective buyer, otherwise than in the agreement.
(2) Subsection (1) shall be deemed to have been complied with—
( a) if the buyer has inspected the goods or like goods and at the time of his inspection tickets or labels were attached to or displayed with the goods clearly stating the cash price, either of the goods as a whole or of all the different articles or sets of articles comprised therein, or
( b) if the buyer has selected the goods by reference to a catalogue, price list or advertisement, which clearly stated the cash price either of the goods as a whole or of all the different articles or sets of articles comprised therein.
(3) A credit-sale agreement shall contain a statement of—
( a) the total cost of credit,
( b) the cash price of the goods to which the agreement relates,
( c) the amount of each of the instalments by which the total cost of credit is to be paid,
( d) the date, or the method of determining the date, upon which each instalment is payable,
( e) the number of instalments,
( f) the cost of any termination of the agreement by the buyer before final payment, and
( g) where applicable—
(i) the rate of interest charged and the APR,
(ii) the conditions under which the APR may be changed.
(4) A credit-sale agreement shall contain a description of the goods to which the agreement relates sufficient to identify them.
(5) A credit-sale agreement shall contain in a prominent position the words “ Credit-Sale Agreement ”.
Avoidance of certain provisions in credit-sale agreements.
33.— Any provision in any credit-sale agreement whereby—
( a) any person acting on behalf of a seller in connection with the formation or conclusion of a credit-sale agreement is treated or is deemed to be the agent of the buyer, or
( b) a seller is relieved from liability for the acts or defaults of any person acting on the seller’s behalf in connection with the formation or conclusion of a credit-sale agreement,
shall be void.
Requirements relating to contents of contracts for services.
34.— A credit agreement which is a contract for the supply of services, other than financial services, shall contain—
( a) a statement of—
(i) the total cost of credit,
(ii) the cash price of the services to which the agreement relates,
(iii) the amount of each instalment by which the total cost of credit is to be paid,
(iv) the date, or the method of determining the date, upon which each instalment is payable,
(v) the means and the cost of any termination of the agreement by the consumer before final payment, and
(vi) where applicable—
(I) the rate of interest charged, and
(II) the conditions under which the APR may be changed, and
( b) a description of the services (including any goods) to be supplied to which the agreement relates.
Advances on current account.
35.— (1) A consumer shall be informed by the creditor at the time, or before, an agreement is made in respect of the granting of credit in the form of an advance on a current account F60 [ including an overdraft ] granted by a credit institution, other than on credit card accounts, of—
( a) the credit limit, if any, F60 [ at the commencement of the agreement and any conditions in relation to any variation of the limit, ]
( b) the annual rate of interest and the charges applicable from the time the agreement is concluded and the conditions under which these may be amended, and
( c) the procedure for determining the agreement.
(2) The information required under subsection (1) shall be confirmed by the creditor in writing to the consumer within 10 days of the making of the agreement, and during the period of the agreement, the consumer shall be informed by the creditor of any change in the annual rate of interest or in the relevant charges at or before the time such change occurs and such information may be given in a statement of account or in an advertisement published in a national newspaper published and circulating in the State.
(3) ( a) Where any sum is advanced to a consumer by way of an overdraft tacitly accepted by both parties which extends beyond a period of three consecutive months, he shall be informed of the annual rate of interest and other charges applicable and of any subsequent amendment of those charges.
( b) The information required to be given in paragraph (a) may be given in a statement of account or in an advertisement published in a national newspaper published and circulating in the State.
Annotations:
Amendments:
F60
Inserted (13.05.1996) by Consumer Credit Act, 1995 (Section 37) Regulations 1996 (S.I. No. 129 of 1996), reg. 3.
Notice of important information to be included in credit agreements.
36.— A credit agreement other than an overdraft facility, a credit-sale agreement or a moneylending agreement shall contain, on the front page of the agreement, a notice in the form set out in Part I of the Third Schedule or such other form as may be prescribed.
Annotations:
Editorial Notes:
E39
Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 36) Regulations 1996 (S.I. No. 128 of 1996).
Regulations relating to form and content of credit agreements.
37. — (1) The Bank may make regulations amending section 30 , 31 , 32(3) to 32(5) , 34 or 35 with respect to the form or content of credit agreements.
(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance. ]
Annotations:
Amendments:
F61
Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 12, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).
Editorial Notes:
E40
Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 37) Regulations 1996 (S.I. No. 129 of 1996).
Enforceability.
38.— A creditor shall not be entitled to enforce a credit agreement or any contract of guarantee relating thereto, and no security given by the consumer in respect of money payable under the credit agreement or given by a guarantor in respect of money payable under such contract of guarantee as aforesaid shall be enforceable against the consumer or guarantor by any holder thereof, unless the requirements specified in this Part have been complied with:
Provided that if a court is satisfied in any action that a failure to comply with any of the aforesaid requirements, other than section 30 , was not deliberate and has not prejudiced the consumer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it sees fit to impose, decide that the agreement shall be enforceable.
Obligations on creditors to comply with Part III .
39.— A creditor being a credit institution, a moneylender or whose business or trade is or includes the sale of goods or supply of services who is a party to a credit agreement to which this Part applies shall ensure that the agreement complies with this Part and any regulations made under section 37 .
Hire-Purchase Agreements
Application of Part VI .
56.— This Part shall apply to hire-purchase agreements.
Requirement to state cash price.
57.— (1) Before any hire-purchase agreement is entered into in respect of any goods, the owner shall state in writing the cash price to the prospective hirer, other than in the agreement.
(2) Subsection (1) shall be deemed to have been complied with—
( a) if the hirer has inspected the goods or like goods and at the time of his inspection tickets or labels were attached to or displayed with the goods clearly stating the cash price, either of the goods as a whole or of all the different articles or sets of articles comprised therein, or
( b) if the hirer has selected the goods by reference to a catalogue, price list or advertisement which clearly stated the cash price of the goods as a whole or of all the different articles or sets of articles comprised therein.
Contents of hire-purchase agreements.
58.— (1) A hire-purchase agreement and any contract of guarantee relating thereto shall be made in writing and signed by the hirer and by or on behalf of all other parties to the agreement, and—
( a) a copy of the agreement shall be—
(i) handed personally to the hirer upon the making of the agreement, or
(ii) delivered or sent to the hirer by the owner within 10 days of the making of the agreement, and
( b) in the case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be—
(i) handed personally to the guarantor upon the making of the contract, or
(ii) sent within 10 days of the making of any contract by the F69 [ owner ] to the guarantor.
(2) A hire-purchase agreement shall contain a statement of—
( a) the hire-purchase price,
( b) the cash price of the goods to which the agreement relates,
( c) the amount of each of the instalments by which the hire-purchase price is to be paid,
( d) the date, or the method of determining the date, upon which each instalment is payable,
( e) the number of instalments,
( f) the names and addresses of all parties to the agreement at the time of its making, and
( g) any costs or penalties to which the hirer will become liable for any failure by the hirer to comply with the terms of the agreement.
(3) A hire-purchase agreement shall contain a list of the goods to which the agreement relates sufficient to identify them.
(4) A hire-purchase agreement shall contain a notice which is at least as prominent as the rest of the contents of the agreement, in the terms specified in the Fifth Schedule .
(5) A hire-purchase agreement shall contain in respect of the cooling-off period a statement that the hirer—
( a) has a right to withdraw from the agreement without penalty if the hirer gives written notice to this effect to the F69 [ owner ] within a period of 10 days of the date of receipt by the hirer of a copy of the agreement, or
( b) may indicate that he does not wish to exercise this right by signing a statement to this effect, this signature to be separate from, and additional to, the hirer’s signature in relation to any of the terms of the agreement.
(6) A hire-purchase agreement shall contain a statement to the effect that a hirer is obliged to give the owner information under section 69 as to the whereabouts of the goods to which the agreement relates.
(7) A hire-purchase agreement shall contain in a prominent position the words “ Hire-purchase agreement ”.
Annotations:
Amendments:
F69
Substituted (13.05.1996) by Consumer Credit Act, 1995 (Section 60) Regulations 1996 (S.I. No. 130 of 1996), reg. 2.
Enforceability.
59.— An owner shall not be entitled to enforce a hire-purchase agreement or any contract of guarantee relating thereto or any right to recover the goods from the hirer, and no security given by the hirer in respect of money payable under the hire-purchase agreement or given by a guarantor in respect of money payable under such contract of guarantee as aforesaid shall be enforceable against the hirer or guarantor by any holder thereof, unless the requirements specified in sections 57 and 58 have been complied with:
Provided that if a court is satisfied in any action that a failure to comply with any of the aforesaid requirements, other than section 58 (1) , was not deliberate and has not prejudiced the hirer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it sees fit to impose, decide that the agreement shall be enforceable.
Regulations relating to form and content of hire-purchase agreements.
60. — (1) The Bank may make regulations amending section 58 or the Fifth Schedule with respect to the form or content of hire-purchase agreements.
(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance. ]
Annotations:
Amendments:
F70
Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 18, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).
Editorial Notes:
E41
Power pursuant to section exercised (8.08.1996) by Consumer Credit Act, 1995 (Section 60) (No. 2) Regulations 1996 (S.I. No. 246 of 1996).
E42
Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 60) Regulations 1996 (S.I. No. 130 of 1996).
Obligation on owners to comply with sections 58 and 60 .
61.— An owner who is a party to a hire-purchase agreement shall ensure that the contents of the agreement comply with section 58 and any regulations made under section 60 .
Avoidance of certain provisions in hire-purchase agreements.
62.— (1) Subject to subsection (2), any provision in any hire-purchase agreement whereby—
( a) an owner or a person acting on the owner’s behalf is authorised to enter upon any premises for the purpose of taking possession of goods which have been let under a hire-purchase agreement,
( b) the right conferred on a hirer by this Part to determine a hire-purchase agreement is excluded or restricted,
( c) any liability in addition to the liability imposed by this Part is imposed on a hirer by reason of the termination of the hire-purchase agreement by the hirer under this Part,
( d) a hirer, after the determination of the hire-purchase agreement or the bailment in any manner whatsoever, is subject to a liability which exceeds the liability to which he would have been subject if the agreement had been determined by him under this Part,
( e) any person acting on behalf of an owner or seller in connection with the formation or conclusion of a hire-purchase agreement is treated as or deemed to be the agent of the hirer, or
( f) an owner or seller is relieved from liability for the acts or defaults of any person acting on his behalf in connection with the formation or conclusion of a hire-purchase agreement,
shall be void.
(2) Subsection (1) does not apply in relation to a provision in a hire-purchase agreement whereby an owner of a motor vehicle which has been let under a hire-purchase agreement or a person acting on his behalf—
( a) authorised to enter premises (other than a house used as a dwelling or any building within the curtilage thereof) for the purpose of taking possession of the motor vehicle, or
( b) relieved from liability for any such entry.
Statements purporting to restrict rights of hirer.
78.— (1) Subsections (2) and (3) apply to any statement likely to be taken as indicating that a right or the exercise of a right conferred by or a liability arising by virtue of section 74, 75, 76 or 77 is restricted or excluded otherwise than under section 79 .
(2) A person in the course of business shall not do any of the following things in relation to a statement to which subsection (1) refers:
( a) display on any part of any premises a notice that includes any such statement;
( b) publish or cause to be published an advertisement which contains any such statement;
( c) supply goods bearing, or goods in a container bearing, any such statement; or
( d) otherwise furnish or cause to be furnished a document including any such statement.
(3) For the purposes of this section a statement to the effect that goods will not be exchanged, or that money will not be refunded, or that only credit notes will be given for goods returned, shall be treated as a statement to which subsection (1) refers unless it is so clearly qualified that it cannot be construed as applicable in circumstances in which the hirer may be seeking to exercise a right conferred by any provision of a section mentioned in subsection (1).
(4) A person in the course of a business shall not furnish to a hirer goods bearing, or goods in a container bearing, or any document including, any statement, irrespective of its legal effect, which sets out, limits or describes rights conferred on a hirer or liabilities to the hirer in relation to the goods or any statement likely to be taken as such a statement, unless that statement is accompanied by a clear and conspicuous declaration that the contractual rights which the hirer enjoys by virtue of section 74, 75, 76 or 77 are in no way prejudiced by the relevant statement.
PART VII
Consumer-Hire Agreements
Contents of consumer-hire agreements.
84.— (1) A consumer-hire agreement and any contract of guarantee relating thereto shall be made in writing and signed by the hirer and by or on behalf of all other parties to the agreement, and—
( a) a copy of the agreement shall be—
(i) handed personally to the hirer upon the making of the agreement, or
(ii) delivered or sent to the F71 [ hirer ] by the owner within 10 days of the making of the agreement,
and
( b) in case of any contract of guarantee relating to the agreement, a copy of the guarantee and the agreement shall be—
(i) handed personally to the guarantor upon the making of the contract, or
(ii) sent within 10 days of the making of any contract by the F71 [ owner ] to the guarantor.
(2) A consumer-hire agreement shall contain a statement of—
( a) the cash price of the goods to which the agreement relates,
( b) the amount of each instalment to be paid by the hirer under the agreement,
( c) the date, or the method of determining the date, upon which each instalment is payable,
( d) where the agreement is for a specified period—
(i) the number of instalments, and
(ii) the total amount payable under the agreement (including taxes),
( e) the name and address of the supplier of the goods to which the agreement relates,
( f) any additional costs to be paid,
( g) the cost of any early termination by the hirer of the agreement,
( h) the names and addresses of all parties to the agreement at the time of its making, and
( i) any costs or penalties to which the hirer will become liable for any failure by the hirer to comply with the terms of the agreement.
(3) A consumer-hire agreement shall contain a list of the goods to which the agreement relates sufficient to identify them.
(4) A consumer-hire agreement shall contain a notice, which is at least as prominent as the rest of the contents of the agreement, to the effect that the agreement is for the letting of goods which remain the property of the owner.
(5) A consumer-hire agreement shall contain, in respect of the cooling-off period, a statement that the hirer—
( a) has a right to withdraw from the agreement without penalty if the hirer gives written notice to this effect to the F71 [ owner ] within a period of 10 days of the date of receipt by the hirer of a copy of the agreement, or
( b) may indicate that he does not wish to exercise this right by signing a statement to this effect, this signature to be separate from, and additional to, the hirer’s signature in relation to any of the terms of the agreement.
(6) A consumer-hire agreement shall contain a statement to the effect that a hirer is obliged to give the owner information under section 91 as to the whereabouts of the goods to which the agreement relates.
(7) A consumer-hire agreement shall contain in a prominent position the words “ Consumer-hire agreement” .
Annotations:
Amendments:
F71
Substituted (13.05.1996) by Consumer Credit Act, 1995 (Section 86) Regulations 1996 (S.I. No. 131 of 1996), reg. 2.
Enforceability.
85.— An owner shall not be entitled to enforce a consumer-hire agreement or any contract of guarantee relating thereto or any right to recover the goods from the hirer, and no security given by the hirer in respect of money payable under the consumer-hire agreement or given by a guarantor in respect of money payable under such contract of guarantee as aforesaid shall be enforceable against the hirer or guarantor by any holder thereof, unless the requirements specified in section 84 have been complied with:
Provided that if a court is satisfied in any action that a failure to comply with any of the aforesaid requirements, other than section 84 (1) , was not deliberate and has not prejudiced the hirer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it sees fit to impose, decide that the agreement shall be enforceable.
Regulations relating to form and content of consumer-hire agreements.
86. — (1) The Bank may make regulations amending section 84 with respect to the form or content of consumer-hire agreements.
(2) The Bank may exercise the power conferred by subsection (1) only after consulting with, or at the request of, the Director and only after obtaining the consent of the Minister for Finance. ]
Annotations:
Amendments:
F72
Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 21 item 19, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 23(1).
Editorial Notes:
E43
Power pursuant to section exercised (13.05.1996) by Consumer Credit Act, 1995 (Section 86) Regulations 1996 (S.I. No. 131 of 1996).
Obligation on owners to comply with sections 84 and 86 .
87.— An owner who is a party to a consumer-hire agreement shall ensure that the contents of the agreement comply with section 84 and any regulations made under section 86 .
Application of sections 75 to 83 to consumer-hire agreements.