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—
- a
is secured by a land mortgage, or
- 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””.