1991 No. 1949

CONSUMER CREDIT

The Consumer Credit (Exempt Agreements) (Amendment) (No. 2) Order 1991

Made

Laid before Parliament

Coming into force

The Secretary of State, after consulting in accordance with section 16(3) of the Consumer Credit Act 19741 the persons therein referred to, in exercise of the powers conferred on him by sections 16(1)2 and (4) and 182(2) and (4) of that Act and of all other powers enabling him in that behalf, hereby makes the following Order:

1

This Order may be cited as the Consumer Credit (Exempt Agreements) (Amendment) (No. 2) Order 1991 and shall come into force on 25th September 1991.

2

The Consumer Credit (Exempt Agreements) Order 19893 is hereby amended in Schedule 1 by—

a

adding at the end of Part I—

  • AGRICULTURAL CORPORATIONS

  • The Agricultural Mortgage Corporation PLC

  • The Scottish Agricultural Securities Corporation plc

b

omitting from Part II the entries which relate to the Agricultural Mortgage Corporation PLC and the Scottish Agricultural Securities Corporation plc and to agreements made for purposes consistent with the principal objects of those bodies as set out, respectively, in the Agricultural Credits Act 19284 and the Agricultural Credits (Scotland) Act 19295.

Edward LeighParliamentary Under-Secretary of State,Department of Trade and Industry

(This note is not part of the Order)

This Order amends the Consumer Credit (Exempt Agreements) Order 1989 by making different provision for the exemption of certain consumer credit agreements secured on land where the creditor is either the Agricultural Mortgage Corporation PLC or the Scottish Agricultural Securities Corporation plc.

It also removes from that Order references to agreements made by those Corporations described by reference to certain provisions of the Agricultural Credits Act 1928 and the Agricultural Credits (Scotland) Act 1929 since these provisions have been repealed by the Agriculture and Forestry (Financial Provisions) Act 1991.