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”.