S.L. 376.10 Art. 31Measures to limit borrowing rates, annual percentage rates of charge or total costs of credit to the consumer.         S.L. 376.07.

(1) A creditor or a European creditor, offering credit agreements to consumers within Malta shall ensure that the annual percentage rate of charge does not exceed sixteen percent (16%):

Provided that the maximum annual percentage rate of charge may be revised at the discretion of the competent authority.

(2) When an interval between dates used in the calculation cannot be expressed as a whole number of years, months or weeks, the interval shall be expressed as a whole number of one (1) of these periods in combination with a number of days. For the choice among years, months or weeks, consideration shall be given to the frequency of drawdowns and payments. When using days for the purposes of calculating the annual percentage rate of charge:

(a) every day shall be counted, including weekends and holidays;

(b) equal periods and then days shall be counted backwards to the date of the initial drawdown; and

(c) the length of a period of days shall be obtained excluding the first day and including the last day (simple subtraction of dates), and shall be expressed in years by dividing this period by the number of days (365 days or 366 days for leap years), of the complete year counted backwards from the last day to the same day of the previous year.

(d) one (1) month is presumed to have 30.41666 days:

Provided that the applicable national provisions on the annual percentage rate of charge, if any, set by the respective

Member State in accordance with the Consumer Credit

Directive shall apply where the creditor provides credit agreements to consumers outside Malta in the exercise of a

European right in accordance with the European Passport

Rights for Financial Institutions Regulations.