PART II SPECIFIED ACTIVITIES

F1Chapter 14ARegulated Credit Agreements

The activities

Regulated credit agreements60B.

(1)

Entering into a regulated credit agreement as lender is a specified kind of activity.

(2)

It is a specified kind of activity for the lender or another person to exercise, or to have the right to exercise, the lender’s rights and duties under a regulated credit agreement.

(3)

In this article—

F2“credit agreement” means an agreement between an individual or relevant recipient of credit (“A”) and any other person (“B”) under which B provides A with credit of any amount;

F2“credit agreement”—

(a)

in relation to an agreement other than a green deal plan, means an agreement between an individual or relevant recipient of credit (“A”) and any other person (“B”) under which B provides A with credit of any amount;

(b)

in relation to a green deal plan, has the meaning given by article 60LB;

F3“exempt agreement” means a credit agreement which is an exempt agreement under articles 60C to 60H, but where only part of a credit agreement falls within a provision of articles 60C to 60H, only that part is an exempt agreement under those articles;

F4“regulated credit agreement” means—

(a)

in the case of an agreement entered into on or after 1st April 2014, any credit agreement which is not an exempt agreement; or

(b)

in the case of an agreement entered into before 1st April 2014, a credit agreement which—

  1. (i)

    was a regulated agreement within the meaning of section 189(1) of the Consumer Credit Act 1974 when the agreement was entered into; or

  2. (ii)

    became such a regulated agreement after being varied or supplemented by another agreement before F51st April 2014,

and would not be an exempt agreement pursuant to article 60C(2) on 21st March 2016 if the agreement were entered into on that date.