EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations relate to the green deal energy efficiency scheme (“the Green Deal Scheme”) established by Chapter 1 of Part 1 of the Energy Act 2011 (“the 2011 Act”).
These Regulations, which apply to Great Britain, make provision under section 95B of the Consumer Credit Act 1974 (“1974 Act”). Section 95B, which was inserted by section 29 of the 2011 Act, enables a creditor to claim compensation from a debtor where all or part of the credit outstanding under a green deal plan is repaid early. Section 95B only applies to green deal plans that are regulated consumer credit agreements under the 1974 Act.
These Regulations also make amendments to consumer credit secondary legislation in consequence of section 95B of the 1974 Act and the creation of the green deal energy efficiency scheme.
Regulation 1 provides for the commencement and extent of these Regulations.
Regulation 2 defines terms used in these Regulations.
Regulation 3 specifies the length of green deal plan for which creditors are able to claim compensation under section 95B of the 1974 Act.
Regulation 4 specifies the method for calculating the compensatory amount allowed under section 95B of the 1974 Act.
Regulation 5 and the Schedule to these Regulations make amendments to consumer credit secondary legislation.
A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen. However, a full regulatory impact assessment of the effect that the Green Deal Scheme will have on the costs of business and the voluntary sector is available from the Green Deal Legislation Team, Department of Energy and Climate Change at 3 Whitehall Place, London SW1A 2AW and is published alongside the Green Deal Framework (Disclosure, Acknowledgment, Redress etc.) Regulations 2012 (S.I. 2012/2079) on www.legislation.gov.uk.