Statutory Instruments
Consumer Credit
Made
6th March 2008
Laid before Parliament
11th March 2008
Coming into force
6th April 2008
The Secretary of State makes the following Order in exercise of the powers conferred by sections 16(1) and (4) and 182(4) of the Consumer Credit Act 1974(1).
He has consulted in accordance with sections 16(3) and (3A) of that Act.
1. This Order may be cited as the Consumer Credit (Exempt Agreements) (Amendment) Order 2008 and shall come into force on 6th April 2008.
2. In Part II of Schedule 1 to the Consumer Credit (Exempt Agreements) Order 1989(2), after the entry relating to the Commission for the New Towns insert—
| “Urban Regeneration Agency | Agreements of a description falling within section 16(2) of the Act, being agreements made pursuant to sections 160(1)(i), 164(2)(a) and 164(3)(b) of the Leasehold Reform, Housing and Urban Development Act 1993(3).” |
Gareth Thomas
Parliamentary Under Secretary of State for Trade and Consumer Affairs
Department for Business, Enterprise & Regulatory Reform
6th March 2008
(This note is not part of the Order)
This Order amends the Consumer Credit (Exempt Agreements) Order 1989 by including the Urban Regeneration Agency in the list of bodies in Part II of Schedule 1 to that Order. This means that credit agreements falling within section 16(2) of the Consumer Credit Act 1974, entered into by the Agency under the Leasehold Reform, Housing and Urban Development Act 1993 for the purpose of assisting first time buyers to purchase residential property, are exempt from regulation under the Consumer Credit Act 1974.