Section 69 — Credit Contracts and Consumer Finance Act 2003: Restrictions on credit-related insurance, repayment waivers, and extended warranties

69 Restrictions on credit-related insurance, repayment waivers, and extended warranties (1) A creditor or a lessor must not, in connection with a consumer credit contract or consumer lease, make any unreasonable requirement as to the terms on which the debtor or lessee is to take out or obtain credit-related insurance, a repayment waiver, or an extended warranty. (2) A requirement is unreasonable if— (a) it is not reasonably necessary for the protection of the legitimate interests of the creditor or lessor; or (b) it is not reasonably justifiable in light of the risks undertaken by the parties to the arrangement. (3) The Court may, on the application of the Commission or a debtor or lessee, make the following orders if it is satisfied that a creditor or lessor has breached subsection (1) : (a) order that the insurance, repayment waiver, or extended warranty be annulled on any terms and conditions that it thinks fit: (b) order that all or part of the premium or any other amount payable in relation to the insurance, repayment waiver, or extended warranty be reimbursed to the debtor or lessee by the creditor or lessor.