Credit Contracts and Consumer Finance Act 2003

37 Creditor to ensure that contract specifies annual interest rate or rates

(1)

This section applies if interest charges are or may be payable under a consumer credit contract.

(2)

Every creditor under a consumer credit contract must ensure that the contract specifies the interest rate or interest rates under the contract in terms of an annual interest rate or annual interest rates under the contract.

(3)

An annual interest rate may be specified by describing how the annual interest rate is determined in accordance with the contract.