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The Mortgage Credit Directive Order 2015

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  1. Introductory Text

  2. PART 1 Introductory Provisions

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Amendments to legislation

    1. 3.Amendments to legislation

  4. PART 3 Consumer buy-to-let mortgages

    1. 3A.Application of this Part

    2. 4.Interpretation of this Part

    3. 5.Meaning of credit intermediary

    4. 6.Meaning of advisory services

    5. 7.Limitation on permission to carry on regulated activities

    6. 8.Register of consumer buy-to-let mortgage firms

    7. 9.Applications for entry on the register or variation of an existing entry on the register

    8. 10.Determination of applications

    9. 11.Procedure when refusing an application

    10. 12.Registered consumer buy-to-let mortgage firm ceasing to meet the requirements for registration

    11. 13.Revocation of registration

    12. 14.Procedure on revocation

    13. 15.Suspension of registration

    14. 16.Procedure on suspension

    15. 17.Appointed representatives

    16. 18.Obligations of registered consumer buy-to-let mortgage firms

    17. 19.Power to direct registered consumer buy-to-let mortgage firms to take appropriate action

    18. 20.Functions of the FCA in relation to this Part

    19. 21.Monitoring and enforcement

    20. 22.Guidance

    21. 23.Application of provisions of the Act to registered consumer-buy-to-let mortgage firms

    22. 24.Application of procedural provisions of the Act

    23. 25.Application of provisions of the Act to the FCA in respect of its supervision of consumer buy-to-let mortgage firms

    24. 26.Extension of the compulsory jurisdiction of the Financial Ombudsman Scheme to registered consumer buy-to-let mortgage firms

  5. PART 4 Transitional Provisions

    1. 27.Transitional provision: person with Part 4A permission to carry on an activity in relation to a regulated mortgage contract before 21st March 2016

    2. 28.Transitional provision: agreements before 21st March 2016

    3. 29.Transitional provision: consumer credit back book mortgage contracts

    4. 30.Transitional provision: person engaged in consumer buy-to-let mortgage business before 20th March 2014

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

    6. 31A.Transitional provision: first charge mortgages entered into before 31st October 2004 which are regulated credit agreements immediately before 21st March 2016

    7. 32.FCA power to direct timing of applications for permission and registration

  6. PART 5 Review

    1. 33.Review

  7. Signature

    1. SCHEDULE 1

      Amendments to legislation

      1. PART 1 Amendments to primary legislation

        1. 1.The Financial Services and Markets Act 2000

        2. 2.The Consumer Credit Act 1974

      2. PART 2 Amendments to secondary legislation

        1. 3.The Consumer Credit (Agreements) Regulations 1983

        2. 4.The Financial Services and Markets (Regulated Activities) Order 2001

        3. 5.The Financial Services and Markets Act 2000 (Exemption) Order 2001

        4. 6.The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001

        5. 7.The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001

        6. 8.The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

        7. 9.The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

        8. 10.The Financial Services and Markets Act 2000 (Gibraltar) Order 2001

        9. 11.The Consumer Credit (Disclosure of Information) Regulations 2004

        10. 12.The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

        11. 13.The Consumer Credit (Disclosure of Information) Regulations 2010

        12. 14.The Consumer Credit (Agreements) Regulations 2010

        13. 15.The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013

    2. SCHEDULE 2

      Requirements for registered consumer buy-to-let mortgage firms

      1. Conditions applicable to creditors and credit intermediaries

        1. 1.Conduct of business obligations when providing consumer buy-to-let mortgage products to consumers

        2. 2.Obligation to provide information free of charge to consumers

        3. 3.Knowledge and competence requirements for staff

        4. Information and practices preliminary to the conclusion of the consumer buy-to-let mortgage contract

          1. 4.Tying and bundling practices

          2. 5.General information

          3. 6.Pre-contractual information

          4. 7.Information requirements concerning credit intermediaries

          5. 8.Adequate explanations

        5. Annual percentage rate of charge

          1. 9.Calculation of the annual percentage rate of charge

        6. Creditworthiness assessment

          1. 10.Obligation to assess the creditworthiness of the borrower

          2. 11.Property valuation

          3. 12.Disclosure and verification of borrower information

        7. Advisory services

          1. 13.Standards for advisory services

        8. Foreign currency loans and variable rate loans

          1. 14.Foreign currency loans

          2. 15.Variable rate credits

        9. Sound execution of consumer buy-to-let mortgage contracts and related rights

          1. 16.Early repayment

          2. 17.Flexible and reliable markets

          3. 18.Information concerning changes in the borrowing rate

          4. 19.Arrears and possession

        10. Calculation of the annual percentage rate of charge

          1. 20.Basic equation expressing the equivalence of drawdowns on the one hand and repayments and charges on the other

          2. 21.Additional assumptions for the calculation of the annual percentage rate of charge

  8. Explanatory Note

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