S.I. No. 432/2001 - Consumer Credit Act, 1995 (Section 2) Regulations, 2001

I, Tom Kitt, Minister of State at the Department of Enterprise, Trade and Employment in exercise of the powers conferred on me by section 2 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995), (as adapted by the Enterprise and Employment (Alteration of Name of Department and Title of Minister) Order, 1997 ( S.I. No. 305 of 1997 )), and the Enterprise, Trade and Employment (Delegation of Ministerial Functions)(No.2) Order, 1997 ( S.I. No. 330 of 1997 ), hereby make the following regulations:

1.      These Regulations may be cited as the Consumer Credit Act, 1995 (Section 2) Regulations, 2001.

2.      (1) Each person specified in the Table to this Regulation is, subject to paragraph (2) of this Regulation, prescribed for the purposes of paragraph (g) of the definition of “credit institution” in section 2 (1) of the Consumer Credit Act, 1995 (No. 24 of 1995).

(2) A person specified in the Table to this Regulation is not to be regarded as prescribed for the foregoing purposes in any case where the APR charged by the person in respect of any credit granted to a consumer equals or exceeds 23 per cent.

TABLE

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations further supplement the definition of “credit institution” in the Consumer Credit Act, 1995 to include Arnotts plc., Asgard Financial Services Limited and Irish Permanent (IOM) Limited.