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(1)Section 16B of the Consumer Credit Act 1974 (exemption relating to businesses) is amended as follows.
(2)After subsection (1) insert—
“(1A)This Act does not regulate a consumer credit agreement if—
(a)the credit provided by the creditor to the debtor by the agreement does not exceed £25,000,
(b)the agreement is entered into by the debtor wholly for the purposes of a business carried on, or intended to be carried on, by the debtor, and
(c)the agreement is a green deal plan (within the meaning of section 1 of the Energy Act 2011).”
(3)In subsection (2) after “If an agreement” insert “ falling within subsection (1) ”.
(4)After subsection (3) insert—
“(3A)Subsections (2) and (3) also apply in relation to an agreement falling within subsection (1A) but with the omission of the words “or predominantly”.
Latest with prospective:Latest with prospective is the latest available (revised) version of the legislation but includes the prospective versions of individual provisions where they exist. This point in time view of the legislation becomes available after clicking a prospective version of a provision via Advanced Features > Show Timeline of Changes.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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