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The Mortgage Credit Directive Order 2015

Changes over time for: Section 31

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Transitional provision: person subject to the Consumer Credit Act 1974 who chooses to adopt new rules before 21st March 2016F7F8F9F10F11F12F13F14U.K.

This section has no associated Explanatory Memorandum

31.—(1) Paragraph (2) applies in relation to an agreement or proposed agreement where—

(a)if made before 21st March 2016, the agreement would be a regulated consumer credit agreement;

(b)if made on or after 21st March 2016, the agreement would not be a regulated consumer credit agreement;

(c)[F1neither the creditor nor any credit-broker has] acted in compliance or in purported compliance with any provision of [F2Part 5] of the Consumer Credit Act 1974, or regulations made under that Part, in relation to the agreement or proposed agreement; and

(d)before 21st March 2016, the creditor [F3or any credit-broker] acts in compliance or in purported compliance with rules made by the FCA that would apply in relation to the agreement or proposed agreement from 21st March 2016.

(2) From the date on which the creditor [F4or any credit-broker] first acts in compliance or purported compliance with such rules, the Consumer Credit Act 1974 applies in relation to the agreement or proposed agreement as if the amendments to legislation made by paragraphs 2 and 4 of Schedule 1 (amendments to the Consumer Credit Act 1974 and the Regulated Activities Order) had come into force.

(3) In this article—

[F5“credit-broker” has the meaning given in section 189(1) of the Consumer Credit Act 1974;]

creditor” means a creditor within the meaning of section 8(1) of the Consumer Credit Act 1974 F6; and

regulated consumer credit agreement” means a regulated agreement within the meaning of section 8(3) of the Consumer Credit Act 1974.

F6Section 8(1) was amended by section 2 of the Consumer Credit Act 2006.

F81972 c. 68. Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c. 51) and the European Union (Amendment) Act 2008 (c. 7), Schedule, Part 1. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c. 51) legislation may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1992 (Cm 2183).

F10S.I. 2001/1201, amended by S.I. 2003/1675, 2005/592, 2006/2383, 2008/2831, 2009/1342, 2010/671, 2011/1626 and 2012/641 and 700; there are other amending instruments but none is relevant to this Order.

F11Paragraph 2 was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and paragraph 2A was inserted by section 29 of that Act.

F12Paragraph 26 of Schedule 2 was substituted by section 8 of the Financial Services Act 2012 (c. 21).

F13Paragraph 1A of Schedule 2 was inserted by section 28 of the Legislative and Regulatory Reform Act 2006 and amended by Part 1 of the Schedule to the European Union (Amendment) Act 2008 and S.I. 2007/1388.

F14Section 14A of the Interpretation Act 1978 (c. 30) (inserted by section 59 of the Enterprise and Regulatory Reform Act 2013 (c. 24)) provides that, where an Act provides a power to make subordinate legislation, that subordinate legislation may include a requirement to review the effectiveness of the legislation.

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