The Consumer Credit (Disclosure of Information) Regulations 2010

Modifying agreements

12.—(1) Subject to paragraphs (2) to (4), these Regulations apply to a modifying agreement which varies or supplements an earlier agreement and which is, or is treated under section 82(3) of the Act as, a regulated agreement.

(2) Where a modifying agreement modifies an earlier consumer credit agreement, the requirements of regulations 3, 4 and 10 will be deemed to be satisfied if, in good time before the modifying agreement is made—

(a) the information specified by regulations 3(4) and 10(3) is disclosed to the debtor in respect of any provision of the earlier agreement which is varied or supplemented,

(b) the creditor informs the debtor in writing that the other information in the earlier agreement remains unchanged, and

(c) where the Financial Services (Distance Marketing) Regulations 2004(1) apply, the creditor complies with regulation 7 and 8 of those Regulations.

(3) Where a modifying agreement is made in a manner that does not allow the creditor to comply with the requirement in paragraph (2)(b), the creditor is deemed to have complied with that requirement if—

(a) before the agreement is made the creditor informs the debtor orally that the other information in the earlier agreement remains unchanged, and

(b) this is confirmed to the debtor in writing immediately after the agreement is made.

(4) This regulation does not apply to an excluded pawn agreement.

(1)

S.I.2004/2095, amended by S.I. 2009/209; there are other amending instruments but none is relevant.