Contract unenforceable if rate exceeds 48 per cent
150A Contract unenforceable if rate exceeds 48 per cent
A credit contract (and any mortgage given to a credit provider in relation to that contract) is unenforceable where the annual percentage rate in respect of the contract exceeds 48.
S. 150A(2) amended by No. 52/1998 s. 24(1).
Nothing in this section affects or limits the powers of the Tribunal under section 145 where the Tribunal is satisfied that the annual percentage rate in respect of a regulated contract although not exceeding in the case of a regulated contract in relation to which there is a regulated mortgage, 30, and in the case of any other regulated contract, 48, is excessive or that the transaction is harsh and unconscionable or is such that a court of equity would give relief.
A credit provider shall not enter into a regulated credit contract where the annual percentage rate in respect of the contract exceeds 48.
- 10 penalty units.
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