C1PART 3Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

Annotations:
Modifications etc. (not altering text)

C1Article 60G (exempt agreements: exemptions relating to the total charge for credit)I1C1140

1

Article 60G M1 (exempt agreements: exemptions relating to the total charge for credit) is amended as follows.

2

In paragraph (2A)(a) M2, for “of a type described in Article 3(1) of the mortgages directive” substitute “ one to which subsection (2) of section 423A of the Act applies ”.

3

In paragraph (2A)(b)—

a

for “of such a type” substitute “ one to which that subsection applies ”;

b

in paragraph (i), for “of a kind to which the mortgages directive does not apply by virtue of Article 3(2) of that directive” substitute “ one to which subsection (3) of that section applies ”;

c

in paragraph (ii) omit “within the meaning of Article 4(23) of the mortgages directive”.

4

In paragraph (8) M3, for “of a type described in Article 3(1) of the mortgages directive” substitute “ to which subsection (2) of section 423A of the Act applies ”.

5

After that paragraph insert—

9

In this article “bridging loan” means a mortgage agreement that—

a

is of no fixed duration or is due to be repaid within 12 months, and

b

is used by a consumer, within the meaning given by section 423A(4) of the Act, as a temporary financing solution while transitioning to another financial arrangement for the immovable property concerned.