Regulation 1 Citation, commencement and interpretationI1

These Regulations may be cited as the Consumer Credit (Early Settlement) Regulations 2004, and shall come into force on 31st May 2005.

In these Regulations—

• “the Act” means the Consumer Credit Act 1974;

• “the APR” means the annual percentage rate of charge for credit determined in accordance with the F1total charge for credit rules, subject to regulation 3(2) below;

• “early settlement” shall be construed in accordance with F2regulation 2(1A) below;

• F3“green deal plan” has the meaning given in section 1 of the Energy Act 2011;

• “rebate” means a rebate of charges for credit included in the total charge for credit;

• “the relevant date” F4means—

  1. (a)

     where a date is specified in or determinable under an agreement at the date of its making as that on which the debtor is entitled to require the provision of anything under the agreement, the earliest such date, or

  2. (b)

     where no such date is specified or determinable, the date of making of the agreement;

• “the settlement date”, means the settlement date provided for in regulation 5 and, where applicable, regulation 6;

• “the total charge for credit” shall be determined in accordance with the total charge for credit rules, subject to regulations 3(2) and 7 below; and

• F5“the total charge for credit rules” means 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;

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In these Regulations, references to repayment of credit are references to repayment of credit with any amount included in the total charge for credit payable at the same time.