PART II SPECIFIED ACTIVITIES
F1Chapter 14BRegulated Consumer Hire Agreements
The activities
Exempt agreements: exemptions relating to nature of agreement60O
1
An agreement is an exempt agreement for the purposes of this Chapter if—
a
the hirer is required by the agreement to make payments exceeding £25,000, and
b
the agreement is entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer.
2
For the purposes of paragraph (1), if an agreement includes a declaration which—
a
is made by the hirer,
b
provides that the agreement is entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer, and
c
complies with rules made by the FCA for the purposes of this article,
the agreement is to be presumed to have been entered into by the hirer wholly or predominantly for the purpose in sub-paragraph (b) unless paragraph (3) applies.
3
This paragraph applies if, when the agreement is entered into—
a
the owner (or, if there is more than one owner, any of the owners), or
b
any person who has acted on behalf of the owner (or, if there is more than one owner, any of the owners), in connection with the entering into of the agreement,
knows or has reasonable cause to suspect that the agreement is not entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer.
4
For the purposes of this article, where credit is provided otherwise than in sterling, it is to be treated as provided in sterling of an equivalent amount.
Pt. II Ch. 14A, 14B inserted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 6