Part II Credit Agreements, Hire Agreements and Linked Transactions

15 Consumer hire agreements.

(1)

A consumer hire agreement is an agreement made by a person with an individual (the “hirer ”) for the bailment or (in Scotland) the hiring of goods to the hirer, being an agreement which—

(a)

is not a hire-purchase agreement, and

(b)

is capable of subsisting for more than three months, and

(c)

does not require the hirer to make payments exceeding F1£15,000.

(2)

A consumer hire agreement is a regulated agreement if it is not an exempt agreement.