Certain past non-disclosures about insurance commission not to incur civil penalty
167A Certain past non-disclosures about insurance commission not to incur civil penalty
This section applies to credit sale contracts or loan contracts entered into before the commencement of section 11 of the Credit (Further Amendment) Act 1991.
If a statement about an insurance commission charge payable in respect of a credit sale contract or a loan contract was included in written information given or shown to the debtor before or at the time that the debtor entered into the contract, section 42 does not operate (and is taken never to have operated) to relieve the debtor from liability to pay to the credit provider any credit charge under the contract merely because the contract does not include that statement.
If—
an insurance commission charge was payable to the credit provider in respect of a credit sale contract or a loan contract; and
an insurance commission charge was also payable to a body with a name that is similar to (or a derivative of) the name of the credit provider and a statement about the insurance commission charge payable to that body was included in the contract or in written information referred to in subsection (2)—
section 42 does not operate (and is taken never to have operated) to relieve the debtor from liability to pay to the credit provider any credit charge under the contract merely because the contract does not include a statement about the insurance commission charge payable to the credit provider.
Nothing in this section affects the liability of a person to be convicted of an offence under this Act.
S. 167A(5) amended by No. 52/1998 s. 24(5).
This section does not apply to any liability to pay any credit charge which has been determined by the Credit Tribunal before the commencement of section 11 of the Credit (Further Amendment) Act 1991.
In this section, a reference to a statement about any insurance commission charge that is payable in respect of a credit sale contract or loan contract is a reference to a statement—
which relates to a commission charge for a contract of insurance entered into in connection with the credit sale contract or loan contract; and
which is required by section 35(1)(i) or 36(1)(h) to be included in the credit sale contract or loan contract.
S. 167B inserted by No. 34/1991 s. 11.
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