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The Consumer Credit (EU Directive) Regulations 2010

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Information on change of rate of interest and charges

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28.  In section 82 (variation of agreements), after subsection (1) insert—

(1A) Subsection (1) does not apply to a variation in the rate of interest charged under an agreement not secured on land (see section 78A).

(1B) Subsection (1) does not apply to a variation in the rate of interest charged under an agreement secured on land if—

(a)the agreement falls within subsection (1D), and

(b)the variation is a reduction in the rate.

(1C) Subsection (1) does not apply to a variation in any other charge under an agreement if—

(a)the agreement falls within subsection (1D), and

(b)the variation is a reduction in the charge.

(1D) The agreements referred to in subsections (1B) and (1C) are—

(a)an authorised business overdraft agreement,

(b)an authorised non-business overdraft agreement, or

(c)an agreement which would be an authorised non-business overdraft agreement but for the fact that the credit is not repayable on demand or within three months.

(1E) Subsection (1) does not apply to a debtor-creditor agreement arising where the holder of a current account overdraws on the account without a pre-arranged overdraft or exceeds a pre-arranged overdraft limit..

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