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The Consumer Credit (EU Directive) Regulations 2010

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Credit intermediaries

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41.  After section 160 (alternative procedure for business consumers) insert—

Credit intermediaries

160A.(1) In this section “credit intermediary” means a person who in the course of business—

(a)carries out any of the activities specified in subsection (2) for a consideration that is or includes a financial consideration, and

(b)does not do so as a creditor.

(2) The activities are—

(a)recommending or making available prospective regulated consumer credit agreements, other than agreements secured on land, to individuals,

(b)assisting individuals by undertaking other preparatory work in relation to such agreements, or

(c)entering into regulated consumer credit agreements, other than agreements secured on land, with individuals on behalf of creditors.

(3) A credit intermediary must in—

(a)advertising of his relating to an activity in subsection (2) which is intended for individuals not acting the course of a business, or

(b)documentation of his relating to an activity in subsection (2) which is intended for individuals,

indicate the extent to which the intermediary is acting independently and in particular whether he works exclusively with a creditor.

(4) Where a credit intermediary carries on an activity specified in subsection (2) for a debtor, the intermediary must secure that any financial consideration payable to him by the debtor for the activity is disclosed to the debtor and then agreed in writing before the regulated consumer credit agreement is concluded.

(5) Where a credit intermediary carries on an activity specified in subsection (2) for a debtor, the intermediary must disclose to the creditor the financial consideration for the activity payable by the debtor if the annual percentage rate of the total charge for credit prescribed under section 20 is to be ascertained by the creditor.

(6) A credit intermediary who fails to comply with a requirement of this section commits an offence.

(7) An offence under this section is to be treated for the purposes of the definition of “relevant offence” in section 38(1) and (2) of the Regulatory Enforcement and Sanctions Act 2008 as an offence contained in this Act immediately before the day on which that Act was passed..

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