45CMeaning of high-cost consumer credit contract

1. In this Act, unless the context otherwise requires,—

   high-cost consumer credit contract means a consumer credit contract of any of the following types:

   1. a contract that provides for an annual interest rate of 50% or greater:
   2. a contract under which the weighted average annual interest rate applied to the unpaid balance is, or is likely to be, 50% or greater on any day during the term of the contract:
   3. a contract under which the total rate of the interest charges (including default interest charges) that may be applied cumulatively to the same part of an unpaid balance in the event of a default in payment or the credit limit being exceeded is, or is likely to be, a rate of 50% or greater:
   4. a contract declared by regulations to be a type of contract that is a high-cost consumer credit contract

   interest rate that defines a high-cost consumer credit contract means the interest rate set out in paragraphs (a) to (c) of the definition of high-cost consumer credit contract.