Amendments to the Consumer Credit (EU Directive) Regulations 2010I110
1
Regulation 22 (current account overdrafts) is amended as follows.
2
For “regulation 19” substitute “regulation 21”.
3
In the wording inserted as section 74B (information to be provided on significant overdrawing without prior arrangement), for subsection (1) substitute—
74B
1
Where—
a
the holder of a current account overdraws on the account without a pre-arranged overdraft, or exceeds a pre-arranged overdraft limit, for a period exceeding one month,
b
the amount of that overdraft or excess is significant throughout that period,
c
that overdraft or excess is a regulated consumer credit agreement, and
d
the account-holder has not been informed in writing of the matters mentioned in subsection (2) within that period,
the account-holder must be informed in writing of those matters without delay.