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The Consumer Credit (Linked Transactions) (Exemptions) Regulations 1983

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Exempted linked transactions

2.—(1) The linked transactions of the descriptions specified in paragraph (2) below shall be excluded from—

(a)the operation of section 19(3) of the Act (which provides that a linked transaction entered into before the making of the regulated consumer credit agreement or regulated consumer hire agreement to which it relates has no effect until such time (if any) as that agreement is made);

(b)section 69(1)(i) and (ii) (which provides that a notice of cancellation served by the debtor or hirer under a cancellable agreement shall operate to cancel any linked transaction and to withdraw any offer by the debtor or hirer, or his relative, to enter into a linked transaction); and

(c)the operation of section 96(1) (which provides that where the indebtedness of the debtor under a regulated consumer credit agreement is discharged before the time fixed by the agreement, he, and any relative of his, shall be discharged from any liability under a linked transaction, other than a debt which has already become payable).

(2) The linked transactions referred to in paragraph (1) above are as follows—

(a)contracts of insurance;

(b)other contracts in so far as they contain a guarantee of goods; or

(c)transactions comprising or effected under—

(i)any agreement for the operation of any account (including any savings account) for the deposit of money; or

(ii)any agreement for the operation of a current account, under which the customer may, by means of cheques or similar orders payable to himself or to any other person, obtain or have the use of money held or made available by the person with whom the account is kept and which records alterations in the financial relationship between the said person and the customer.

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