The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2006

Amendments of the Consumer Credit Act 1974

25.—(1) The Consumer Credit Act 1974(1) is amended as follows.

(2) In section 16 (exempt agreements)—

(a) for subsection (6C) substitute—

“(6C) This Act does not regulate a consumer credit agreement if—

(a) it is secured by a land mortgage and entering into the agreement as lender is a regulated activity for the purposes of the Financial Services and Markets Act 2000; or

(b) it is or forms part of a regulated home purchase plan and entering into the agreement as home purchase provider is a regulated activity for the purposes of that Act.”;

(b) in subsection (6D) for “subsection (6C)” substitute “subsection (6C)(a)”.

(3) In section 53 (duty to display information) for “section 16(6C)” substitute “section 16(6C)(a)”.

(4) In section 146 (exceptions from section 145)—

(a) in subsection (5A)—

(i) for paragraph (a) substitute—

“(a) to an authorised person, within the meaning of the 2000 Act, who has permission under that Act to enter into a relevant agreement as lender or home purchase provider (as the case may be); or”;

(ii) for “a relevant agreement” substitute “the relevant agreement”;

(b) in subsection (5D)—

(i) for the definition of “relevant agreement” substitute—

““relevant agreement” means an agreement which—

(a)

is secured by a land mortgage, or

(b)

is or forms part of a regulated home purchase plan,

but only if entering into the agreement as lender or home purchase provider (as the case may be) is a regulated activity for the purposes of the 2000 Act.;”;

(ii) after “and references to “regulated activities”” insert “, “regulated home purchase plan” and “home purchase provider””.

(1)

1974 c. 39; sections 16 and 53 were amended by S.I. 2001/544; section 146 was amended by S.I. 2003/1475 and S.I. 2005/2967; there are other amending instruments but none is relevant.