The Consumer Credit (Disclosure of Information) Regulations 2010

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Consumer Credit (Disclosure of Information) Regulations 2010 and shall come into force on 30th April 2010.

(2) In these Regulations—

“the Act” means the Consumer Credit Act 1974;

“advance payment” includes any deposit and in relation to a regulated consumer credit agreement includes also any part-exchange allowance in respect of any goods agreed in antecedent negotiations not to be taken by the creditor in part exchange but does not include a repayment of credit or any insurance premium or any amount entering into the total charge for credit;

“ancillary service” means a service that relates to the provision of credit under the agreement and includes in particular an insurance or payment protection policy;

“the APR” means the annual percentage rate of charge for credit determined in accordance with Schedule 2 to these Regulations and the Total Charge for Credit Regulations;

“cash price” in relation to any goods, services, land or other things means the price or charge at which the goods, services, land or other things may be purchased by, or supplied to, the debtor for cash account being taken of any discount generally available from the dealer or supplier in question;

“credit intermediary” has the same meaning as in section 160A of the Act;

“distance contract” means any regulated agreement made under an organised distance sales or service-provision scheme run by or on behalf of the creditor who, in any such case, for the purpose of that agreement makes exclusive use of one or more means of distance communication up to and including the time at which the agreement is made. For this purpose, “means of distance communication” means any means which, without the simultaneous physical presence of the creditor or a person acting on behalf of the creditor and of the debtor, may be used for the making of a regulated agreement between the parties to that agreement;

“excluded pawn agreement” means a pawn agreement—

(a)

where the debtor is not a new customer of the creditor (see paragraph (5)), and

(b)

where, before the agreement is made, the creditor has not received a request from the debtor for the pre-contract credit information (see regulation 9);

“linked credit agreement” means a regulated consumer credit agreement which—

(a)

serves exclusively to finance an agreement for the supply of specific goods or the provision of a specific service or land, and

(i)

where the supplier or service provider himself finances the credit for the debtor, or if it is financed by a third party, where the creditor uses the services of the supplier or service provider in connection with the preparation or making of the credit agreement, or

(ii)

where the specific goods or land or the provision of a specific service are explicitly specified in the credit agreement;

“pawn agreement” means a consumer credit agreement under which the creditor takes an article in pawn;

“pre-contract credit information” means the information specified in regulation 3(4);

“total amount of credit” means the credit limit or the total sums made available under a consumer credit agreement;

“total amount payable” means the sum of the total charge for credit and the total amount of credit payable under the agreement as well as any advance payment;

“total charge for credit” means the total charge for credit determined in accordance with the Total Charge for Credit Regulations and the Schedule to these Regulations;

“the Total Charge for Credit Regulations” means the Consumer Credit (Total Charge for Credit) Regulations 2010(1).

(3) In these Regulations, a reference to a repayment is a reference to—

(a) a repayment of the whole or any part of the credit,

(b) a payment of the whole or any part of the total charge for credit, or

(c) a combination of such repayments and payments.

(4) In these Regulations, a reference to rate of interest is a reference to the interest rate expressed as a fixed or variable percentage applied on an annual basis to the amount of credit drawn down.

(5) In these Regulations, a reference to an agreement includes a reference to a prospective agreement.

(6) For the purposes of the definition of “excluded pawn agreement” and regulation 8 the debtor is a new customer if the debtor has not entered into a pawn agreement with the creditor in the three years preceding the start of the negotiations antecedent to the agreement.

(7) In relation to a regulated consumer credit agreement secured on land and to which these Regulations do not apply, the definition of Total Charge for Credit Regulations shall apply as if for the words “Consumer Credit (Total Charge for Credit) Regulations 2010” there were substituted “Consumer Credit (Total Charge for Credit) Regulations 1980”(2).

(1)

S.I. 2010/1011.

(2)

S.I. 1980/51 as amended by S.I. 1989/596 and S.I. 1999/3177.