Paragraph
1. Assumptions about running-account credit
(a)
In the case of an agreement for running-account credit, the assumption in paragraph (b) below shall have effect for the purpose of calculating the total charge for credit and any APR in place of the assumption in F1the total charge for credit rules that might otherwise apply.
(b)
In a case where credit is to be provided subject to a maximum credit limit of less than £1,200, the credit limit shall be assumed to be an amount equal to that maximum limit.
Annotations
Textual amendments
- F1
Words in Sch. 4 para. 1 substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), 27(6)(a)