The Consumer Credit Act, 1995 has been on the statute books since July, 1995. However, it only came into force on the 13th of May 1996 and is now the only piece of legislation in Ireland regulating consumer credit. The delay in bringing the Act into force has been to give industries affected by it an opportunity to adjust their operations and business practices so as to bring them in line with the new provisions.
WHO IS AFFECTED?
All persons and companies involved in the business of giving credit to consumers are caught by the Act. Significantly, "consumers" include only natural persons and not companies.
As well as credit agreements the Act also covers;
- hire-purchase agreements,
