Paragraph
1. Assumptions about running-account credit
In the case of an agreement for running-account credit, the assumption in paragraph (b) shall have effect for the purpose of calculating the total charge for credit and any APR in place of any assumptions in F1the total charge for credit rules that might otherwise apply—
in a case where the credit limit applicable to the credit is not known at the time the pre-contract credit information is disclosed but it is known that it will be subject to a maximum 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. 2 para. 1(a) 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), arts. 1(2)(6), 26(9)(a)
Notes on the whole SI
Textual amendments
- F1
Words in Regulations substituted (26.7.2013 for specified purposes) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 26(2)