Select Committee on Enterprise and Economic Strategy díospóireacht -
Wednesday, 6 Jul 1994

SECTION 34.

Mrs. O'Rourke

I move amendment No. 117:

In page 27, line 33, to delete "a housing loan" and substitute "an overdraft facility".

Section 34 requires that a credit agreement other than a housing loan or money-lending agreement shall contain specific information set out in prescribed form on the front page of the agreement in the form of notices provided in the Third Schedule. The notice also ensures that the customer is aware of his or her rights to a ten day cooling-off period. This covers what Deputy Bruton said earlier about the need to highlight the ten day cooling-off period, but the Deputy was concerned that it should be dealt with in a more focused manner.

As section 30 defines the application of Part III of the Bill as not applying to housing loans, the exclusion of housing loans in section 34 is superfluous. My Department and the Department of the Environment consulted on this.

Mr. R. Bruton

I note from the Third Schedule that a ten day cooling-off period and the APR are included on the form of notice to be included in agreements.

Mrs. O'Rourke

The APR is not included in the manner we discussed earlier.

Amendment agreed to.

Mrs. O'Rourke

I move amendment No. 118:

In page 27, between lines 35 and 36, to insert the following subsection:

"(2) A creditor who is a party to any credit agreement referred to in subsection (1) shall ensure that the agreement complies with that subsection.".

The purpose of the amendment is to raise the offence contained in section 12 (1) (a).

Amendment agreed to.

Section 34, as amended, agreed to.