article 60l of the regulated activities order
(c)the agreement is to finance a premium under a contract of whole life insurance which provides, in the event of the death of the person on whose life the contract is effected before the credit referred to in sub-paragraph (b) has been repaid, for payment of a sum not exceeding the amount sufficient to meet the amount which, immediately after that credit has been advanced, would be payable to the lender in respect of that credit (including interest from time to time payable under that agreement). For the purposes of paragraph (3), if an agreement includes a declaration which—, provides that the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower, and. on 1st April 2014 has a Part 4A permission to carry on a regulated activity by virtue of this Order (regardless of whether the person had permission via other means). Inserted by section 4 of the Consumer Credit Act 2004 and amended by section 25 of the Energy Act 2011 (c.16). A “paragraph 4C agreement” is an agreement between one person (“the borrower”) and another person (“the lender”) by which the lender provides the borrower with credit and in relation to which either the condition in paragraph (5) or (6) is satisfied. Amended by S.I. (7) A contravention by P of a provision of this article is actionable at the suit of a private person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duties. (2) The following activities are, when carried on in relation to debts due under a consumer hire agreement, controlled activities—. A green deal plan is associated with a supplier if the payments under the plan are to be made to the supplier. (a)if A does not have a Part 4A permission, a decision notice given under section 55X(4) of the Act by the FCA to A of the decision to refuse A’s application for Part 4A permission; (b)in any other case, a decision notice given under section 55X(4) of the Act of the decision of the appropriate regulator to refuse A’s application to vary A’s Part 4A permission. (c)any notice issued by the OFT under section 86A of that Act(237) (information sheets on arrears and defaults). For the purposes of sections 1G, 404E and 425A of the Act (meaning of “consumer”)—, an individual or a relevant recipient of credit who is, may be, has been or may have been the subject of the information referred to in article 89A, and. (3) This paragraph applies if, when the agreement is entered into—, (a)the owner (or, if there is more than one owner, any of the owners), or. A credit agreement is an exempt agreement if—, the lender provides the borrower with credit exceeding £25,000, and. section 68 of the Financial Services Act 2012 (cases in which Treasury may arrange independent inquiries). (2) In section 105(10) (tying-in arrangements: supplemental provisions)(245), for “OFT” substitute “FCA”. 2008 c.28. knows or has reasonable cause to suspect that the agreement is not entered into by the hirer wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the hirer. The Schedule to this Order contains further consequential amendments and transitional provisions. The following are controlled activities if carried on by A in the course of, or in connection with, the carrying on by A of the activity specified by paragraph (1)—. (b)the agreement is not entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower. (6) If a lender is an associate of the supplier’s, the credit agreement is to be treated as entered into under pre-existing arrangements between the lender and the supplier unless the lender can show that this is not the case. 2010/1010. Amended by Schedule 9 to the Financial Services Act 2012. (d)an agreement which is not a regulated credit agreement or a regulated consumer hire agreement but which would be such an agreement if the law applicable to the agreement were the law of a part of the United Kingdom.”; (b)in subsection (2A)(a), for “section 146(5A)” substitute “article 36E of the Regulated Activities Order (activities in relation to certain agreements relating to land)”. individual. effecting an introduction of an individual or relevant recipient of credit to a person who enters into as lender relevant credit agreements by way of business; effecting an introduction of an individual or relevant recipient of credit to a person who enters into as lender regulated consumer hire agreements by way of business; effecting an introduction of an individual or relevant recipient of credit to a person who carries on an activity of the kind specified in paragraph (a) or (b) by way of business; presenting or offering an agreement which would (if entered into) be a relevant credit agreement to an individual or relevant recipient of credit; assisting an individual or relevant recipient of credit by undertaking preparatory work in respect of a relevant credit agreement; entering into a relevant credit agreement on behalf of a lender. 9. Regulated Activities Order. in paragraph (1), for “a credit reference agency which is registered under Part III of the Consumer Credit Act 1974 (by virtue of section 147 of that Act)” substitute “a person who has permission under the Financial Services and Markets Act 2000 to furnish persons with information relevant to the financial standing of other persons”; in paragraph (1), for “a credit reference agency registered under Part III of the Consumer Credit Act 1974 (by virtue of section 147 of that Act)” substitute “a person who has permission under the Financial Services and Markets Act 2000 to furnish persons with information relevant to the financial standing of other persons”; in paragraph (1) for “the Consumer Credit (Total Charge for Credit) Regulations 1980” substitute “rules made by the Financial Conduct Authority under article 60M of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 for the purposes of Chapter 14A of Part 2 of that Order”; in paragraph (2), for “for the purposes of any exemption conferred by virtue of section 16(5)(b) of the Consumer Credit Act 1974” substitute “by article 60G(3)(d) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”. (b)the number of payments to be made by the borrower is not more than four. 2) Order 1991(155); (n)the Consumer Credit (Exempt Agreements) (Amendment) (No. (4) Sections 203 and 204 (powers to prohibit or restrict the carrying on of Consumer Credit Act business)(35) are omitted. 6. to credit reference agencies)(287)—. S.I. (2) The condition is that less than 40% of the land is used, or is intended to be used, as or in connection with a dwelling—, (a)by the borrower or a related person of the borrower, or. “cycle” has the meaning given by section 192(1) of the Road Traffic Act 1988, “relevant employee benefit scheme” means a scheme operated by an employer which is designed to allow employees to take advantage of section 244 of the Income Tax (Earnings and Pensions) Act 2003. There are excluded from article 36A activities carried on by—. Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) [SI 2001 No. In this Chapter, “relevant person” means a person who—, (a)immediately before 1st April 2014 held a licence under the 1974 Act, and. (e)a copy of the statement was provided to the owner before the agreement was entered into. Dependent on the legislation item being viewed this may include: Click 'View More' or select 'More Resources' tab for additional information including: All content is available under the Open Government Licence v3.0 except where otherwise stated. Exempt agreements: exemptions relating to nature of agreement, An agreement is an exempt agreement for the purposes of this Chapter if—, the hirer is required by the agreement to make payments exceeding £25,000, and. Article 2 amendments of the Energy Act 2011 ). ” ( “ P ” ) ( Scotland Act. 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