| (a) | by declaration in accordance with subsection (2); or |
| (b) | by regulation in accordance with subsection (3), |
may declare that credit agreements entered into in specified circumstances, or for specified purposes, during a specific period or until the declaration or regulation is repealed, are public interest credit agreements.
| (2) | The Minister, by notice in the Gazette, may make a declaration contemplated in subsection (1)(a)— |
| (a) | in order to promote the availability of credit in all or part of the Republic in circumstances of natural disaster or similar emergent and grave public interest: and |
| (b) | with or without prior notice or consultation, as the Minister may determine having regard to the circumstances. |
| (3) | The Minister may make a regulation contemplated in subsection (1)(b)— |
| (a) | in order to promote the availability of credit in all or part of the Republic in any circumstances that the Minister considers to be in the public interest; and |
| (a) | The public interest circumstances in which credit may be granted or made available to a consumer; |
| (c) | the maximum permissible duration of the credit agreement; and |
| (d) | the area within the Republic in which the consumer under such an agreement must reside or carry on business. |
| (5) | A public interest credit agreement is exempt from the application of Part D of Chapter 4 to the extent that it concerns reckless credit. |
