Consumer Hire Agreements Ireland

i. a hire-purchase or hire-purchase agreement entered into by another person, a person to whom that other person`s interest in the relevant contract is directly or indirectly assigned or assigned, the proposed amendments will come into force in the coming months when the Consumer Protection (Regulation of Credit Companies and Retail Credit Services) Bill 2021 ("the Bill"), published in July 2021, will enter into force. The Bill will update the Central Bank Act 1997 ("1997 Act") to extend the IWC`s licensing requirements to individuals or intermediaries engaged in hire-purchase or consumer purchase transactions. A hire-purchase agreement is drawn up and signed by the tenant (consumer) and on behalf of the owner (the lending institution). If a retailer is involved, for example a workshop, the latter also signs the contract and delivers the goods in question. 75.—(1) Where, under a hire-purchase agreement, goods are leased by description, there is an implied condition that the goods conform to the description and if the goods are leased under the contract by reference to a sample and description, it is not sufficient that most of the goods correspond to the sample if the goods do not also correspond to the description. (4) A consumer lease must contain a notice at least as clear as the rest of the content of the contract that the contract is intended for the rental of property that remains the property of the owner. 3. In Member States where tacitly accepted overdrafts are allowed, the Member States concerned shall ensure that the consumer is informed of the annual interest rate and applicable fees and of any change if the overdraft exceeds a period of three months. 138.—1. A person may not include in an agreement or in a proposal or application form used in connection with contractual provisions requiring the consumer to positively indicate that he does not wish to receive credit, purchase or rent goods or use a service in connection with the contract. The definition of "credit" has been expanded beyond the granting of cash advances.

The credit now includes deferred payment, cash advances and other similar financial arrangements (i.e., loans and leases of property). A business must hold an RCF license if it (1) provides loans directly or indirectly; or (2) enter into a rental or hire-purchase agreement with a relevant person (i.e. a natural person who is not a professional customer of MiFID). 37.—The Minister may make rules respecting the form and content of credit agreements by amending or amending subsections 30, 31, 32(3), (4) or (5), 34 or 35. Art. 69.—If a tenant is required, under a hire-purchase agreement, to keep the goods contained in the contract in his possession or control, the tenant must inform the owner within 10 days of receipt of a written request from the owner when the goods are at the time the information is provided or if they are sent by mail, at the time of display. `(c) a statement of the amount, number and frequency or dates of payments to be made by the consumer to repay the credit, as well as interest and other charges payments; the total amount of such payments should also be indicated as far as possible. (b) if the lessee inspects the goods before the conclusion of the contract for defects that should have been discovered during that examination. (6) A hire-purchase agreement contains a statement that a tenant is obliged to provide the owner with information in accordance with § 69 about the location of the property to which the contract relates. (b) the calculation shall be made on the assumption that the credit agreement is valid for the agreed period and that the creditor and the consumer fulfil their obligations on the agreed terms and dates; (1) Without the consent of the lessee, the owner is not allowed to enter the tenant`s premises for the purpose of taking back the goods (with the exception of a motor vehicle in the circumstances referred to in paragraph 2).

Different laws and practices lead to unequal consumer protection in the field of consumer credit in the different Member States. "(ix) the obligation of the consumer to save a certain amount of money to be paid into a special account."; "(d) `total cost of credit to the consumer` means all costs, including interest and other charges, which the consumer is required to bear for the credit."; `Council Directive` means Directive 87/102/EEC of 22 December 1986(1) on the approximation of the laws, regulations and administrative provisions of the Member States of the European Communities relating to consumer credit, as amended by Council Directive 90/88/EEC of 22 February 1990(2), the text of which is reproduced in Parts I and II for the sake of simplicity. or the first calendar; The first important point is that the extended eligibility conditions generally only apply to transactions with natural persons (although this is not limited to "consumers"). .