OpenLegislation

Article 2 Exemption for high net worth debtors and hirers

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The Consumer Credit Act 1974 shall not regulate a consumer credit agreement or a consumer hire agreement where—

(a)

the debtor or hirer is a natural person;

(b)

the agreement includes a declaration made by him complying with article 3 and Schedule 1;

(c)

a statement of high net worth complying with articles 4 and 5 and Schedule 2 has been made in relation to him;

(d)

that statement was made during the period of one year ending with the day on which the agreement was made; and

(e)

before the agreement was made a copy of that statement was provided to the debtor or hirer and, if the statement was not made by the creditor or owner, to the creditor or owner.