PART 3AMENDMENTS OF PRIMARY LEGISLATION

Amendments of the Consumer Credit Act 197425

1

The Consumer Credit Act 197410 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—

    1. a

      is secured by a land mortgage, or

    2. 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””.