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These Regulations, issued free of charge, amend the Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), Consumer Credit (Disclosure of Information) Regulations 2010 (S.I. 2010/2013) and the Consumer Credit (Agreements) Regulations 2010 (S.I. 2010/1014) (“the principal Regulations”) to correct drafting errors. The principal Regulations implement Directive 2008/48/EC of the European Parliament and of the Council on credit agreements for consumers (OJ No L133, 22.5.200, p66) (“the Directive”) except for articles 4 and 19.
These Regulations also make consequential amendments to the Consumer Credit (Agreements) Regulations 1983 (S.I. 1983/1553) and the Consumer Credit (Cancellation Notices and Copies of Documents) Regulations 1983 (S.I. 1983/1557).
Regulation 2 amends S.I. 1983/1553 so that, before 1 February 2011, those regulations do not apply to an agreement secured on land to which section 58 of the Consumer Credit Act (“the Act”) applies, where the Consumer Credit (Agreements) Regulations 2010 also apply. Regulation 3 amends S.I. 1983/1557 so that the requirement in section 58 to provide a copy of the unexecuted agreement can be complied with where either the Consumer Credit (Agreements) Regulations 1983 or the Consumer Credit (Agreements) Regulations 2010 apply to the agreement.
Regulations 5 to 11 amend S.I. 2010/1010 to correct errors in the amendments made to primary legislation by those Regulations. Regulation 6 clarifies when particular information must be provided orally by the creditor. Regulation 7 provides that where, in the case of an overdraft agreement, the creditor has provided full pre-contractual information, he may (rather than must) provide a copy of the agreement after the agreement has been made. Regulation 8 amends the withdrawal period so that the debtor has 14 clear days to withdraw from a credit agreement. Regulations 9 and 10 clarify that the provisions relating to overdrawing without a pre-arranged overdraft or exceeding a pre-arranged overdraft limit only apply where that overdraft would be a regulated consumed credit agreement. Regulation 11 provides that the provisions relating to linked credit agreements do not apply to an agreement secured on land.
Regulations 12 to 30 amend S.I. 2010/1010 to correct errors in the amendments to secondary legislation. Regulations 12 to 17 clarify the amendments to regulations relating to information to be included in consumer credit agreements that are outside of the scope of the Directive. Regulation 18 makes a further amendment to regulations requiring copies of documents to be sent to debtors. Regulations 19 and 26 amend regulations relating to early settlement of debt. Regulations 20 and 21 make corrections to the Consumer Credit (Exempt Agreements) Order 1989 to ensure that credit agreements which fall within the scope of the Directive are covered. Regulations 24 and 25 correct amendments relating to information to be disclosed before the agreement is made, in respect of an agreement outside of the scope of the Directive. Regulations 28 to 30 make further provision for the application of S.I. 2010/1010 to agreements entered into prior to 1st February 2011.
Regulations 31 to 40 amend the S.I. 2010/1013. Regulations 34 and 37 clarify the information that must be provided where there is a distance contract and the debtor does not consent to receive limited information.
Regulations 42 and 43 provide for when the Consumer Credit (Agreements) Regulations 2010 apply to an agreement secured on land to which section 58 of the Consumer Credit Act 1974 applies.
Regulation 46 makes transitional provision.
An impact assessment has not been prepared for these Regulations since they have the same effect on the costs to business and the voluntary sector as the principal Regulations. A copy of the transposition note and impact assessment for the principal Regulations is available from the BIS website (www.bis.gov.uk) and was placed in the Libraries of both Houses of Parliament.
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