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The Consumer Credit (Early Settlement) Regulations 2004
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- UK Statutory Instruments
- 2004 No. 1483
- Regulation 1
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Citation, commencement and interpretationU.K.
1.—(1) These Regulations may be cited as the Consumer Credit (Early Settlement) Regulations 2004, and shall come into force on 31st May 2005.
(2) In these Regulations—
“the Act” means the Consumer Credit Act 1974;
“the APR” means the annual percentage rate of charge for credit determined in accordance with the [F1total charge for credit rules], subject to regulation 3(2) below;
“early settlement” shall be construed in accordance with [F2regulation 2(1A)] below;
[F3“green deal plan” has the meaning given in section 1 of the Energy Act 2011;]
“rebate” means a rebate of charges for credit included in the total charge for credit;
“the relevant date” [F4means—
(a)
where a date is specified in or determinable under an agreement at the date of its making as that on which the debtor is entitled to require the provision of anything under the agreement, the earliest such date, or
(b)
where no such date is specified or determinable, the date of making of the agreement;]
“the settlement date”, means the settlement date provided for in regulation 5 and, where applicable, regulation 6;
“the total charge for credit” shall be determined in accordance with the [F1total charge for credit rules], subject to regulations 3(2) and 7 below; and
[F5“the total charge for credit rules” means rules made by the Financial Conduct Authority under article 60M of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 for the purposes of Chapter 14A of Part 2 of that Order;]
F6(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) In these Regulations, references to repayment of credit are references to repayment of credit with any amount included in the total charge for credit payable at the same time.
Textual Amendments
F1Words in reg. 1(2) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 24(b)
F2Words in reg. 1(2) substituted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 78(a)(i), 99(1) (with regs. 100, 101)
F3Words in reg. 1(2) inserted (E.W.S.) (28.1.2013) by The Consumer Credit (Green Deal) Regulations 2012 (S.I. 2012/2798), reg. 1(b), Sch. para. 3(2)
F4Words in reg. 1(2) substituted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 78(a)(ii), 99(1) (with regs. 100, 101)
F5Words in reg. 1(2) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), arts. 1(2)(6), 24(a) [Editorial note: In consequence of this amendment the second reg. 1(4) inserted by S.I. 2010/1010, reg. 78(c) has been omitted as it no longer applies.]
F6Reg. 1(3) omitted (1.2.2011) by virtue of The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 78(b), 99(1) (with regs. 100, 101)
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