Information About Charges 

 

CLARIFICATION OF SCOPE

Consumer Credit, Payment Services and Electronic Money

  1. Where regulated entities are providing credit under credit agreements which fall within the scope of the European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010), only Provisions 4.7 to 4.11 and 4.26 apply. 
  2. Where regulated entities are providing payment services and/or issuing electronic money, only Provisions 4.7 to 4.11 apply.    
 

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INFORMATION ABOUT CHARGES  (4.54- 4.56)

4.54        
Prior to providing a product or service to a consumer, a regulated entity must:

  1. provide the consumer, on paper or on another durable medium, with a breakdown of all charges, including third party charges, which will be passed on to the consumer; and 
  2. where such charges cannot be ascertained in advance, notify the consumer that such charges will be levied as part of the transaction. 

4.55         
Where a regulated entity intends to impose a charge in respect of the provision or arrangement of a loan to a personal consumer, and it is proposed that this charge is incorporated into the amount advanced to the personal consumer, the regulated entity must, prior to the personal consumer signing an application form for a loan:

  1. inform the personal consumer, on paper or on another durable medium, that the personal consumer has the right to pay such a charge separately and not include it in the loan; and
  2. provide the following information to the personal consumer on paper or on another durable medium:
    1. the amount of the charge; and
    2. the overall cost of paying the charge over the term of the loan. 

4.56        
A regulated entity must display in its public offices, in a manner that is easily accessible to consumers, a schedule of fees and charges imposed by that regulated entity. If the regulated entity has a website, its schedule of fees and charges must also be made publicly available through placing this schedule on its website.