The Consumer Credit (Notice of Variation of Agreements) Regulations 1977

Notice valid for special variations

3.—(1) This regulation applies to a variation of a regulated consumer credit agreement where—

(a) the amount of the payments of interest charged under the agreement is determined, both before and after the variation takes effect, by reference to the amount of the balance outstanding, established as at daily intervals; and

(b) the variation is a variation of the rate of interest payable under the agreement.

(2) In the case of a variation to which this regulation applies, the requirements of regulation 2(b) above shall be treated as satisfied where—

(a) the notice of variation—

(i) is published in at least three national daily newspapers, in each case being printed in a type not less than 3 mm in height and occupying a space of not less than 100 sq cm, or

(ii) if it is not reasonably practicable so to publish it, is published in the Gazette, and

(b) if it is reasonably practicable to do so, the notice of variation is prominently displayed, so that it may easily be read, in a part (if any) open to the public of the premises of the creditor where the agreement to which the variation relates is maintained.