S.I. No. 129/1996:

CONSUMER CREDIT ACT, 1995 (SECTION 37) REGULATIONS, 1996.

CONSUMER CREDIT ACT, 1995 (SECTION 37) REGULATIONS, 1996.

I, RICHARD BRUTON, Minister for Enterprise and Employment, in exercise of the powers conferred on me by section 37 of the Consumer Credit Act, 1995 (No. 24 of 1995), hereby make the following Regulations:

1. These Regulations may be cited as the Consumer Credit Act, 1995 (Section 37) Regulations, 1996.

2. Section 31 (2) (a) of the Consumer Credit Act, 1995 (No. 24 of 1995), is hereby amended by the insertion after "if any," of "at the commencement of the agreement and any conditions in relation to any variation of the limit,".

3. Section 35 of the Consumer Credit Act, 1995 , is hereby amended by the insertion in--

(i) subsection (1) after "an advance on a current account" of "including an overdraft", and

(ii) subsection (1) (a) after "if any," of "at the commencement of the agreement and any conditions in relation to any variation of the limit,".

GIVEN under my Official Seal, this 13th day of May, 1996.

RICHARD BRUTON,

Minister for Enterprise and Employment.

EXPLANATORY NOTE.

These Regulations make clear that the reference in Sections 31 (2) (a) and 35 (1) (a) to "credit limit" is a reference to the credit limit available at the commencement of the agreement. The conditions under which this credit limit can be changed must now be set out in the agreement. Section 35 is also being amended to further clarify the intention that this section applies to overdrafts.