Amendments to the Consumer Credit (EU Directive) Regulations 2010I19

In regulation 21 (current account overdrafts), in the wording inserted as section 74A (information to be provided on a current account agreement)—

a

for subsection (1) substitute—

74A

1

This section applies to a current account agreement where—

a

there is the possibility that the account-holder may be allowed to overdraw on the current account without a pre-arranged overdraft or exceed a pre-arranged overdraft limit, and

b

if the account-holder did so, this would be a regulated consumer credit  agreement.

b

in subsection (3) after “must be informed” insert “in writing”.