Part V Entry into Credit or Hire Agreements
Preliminary matters
C155CF1Copy of draft consumer credit agreement
1
Before a regulated consumer credit agreement, other than an excluded agreement, is made, the creditor must, if requested, give to the debtor without delay a copy of the prospective agreement (or such of its terms as have at that time been reduced to writing).
2
Subsection (1) does not apply if at the time the request is made, the creditor is unwilling to proceed with the agreement.
3
A breach of the duty imposed by subsection (1) is actionable as a breach of statutory duty.
4
For the purposes of this section an agreement is an excluded agreement if it is—
a
an agreement secured on land,
b
an agreement under which a person takes an article in pawn,
c
an agreement under which the creditor provides the debtor with credit which exceeds £60,260 F3and which is not a residential renovation agreement, or
d
an agreement entered into by the debtor wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by him.
F25
Article 60C(5) and (6) of the Regulated Activities Order applies for the purposes of subsection (4)(d).