Paragraph 2 The Consumer Credit Act 1974

The Consumer Credit Act 1974^f1 is amended as follows.

In section 8 (consumer credit agreements) for subsection (3)^f2 substitute—

“(3)

A consumer credit agreement is a regulated credit agreement within the meaning of this Act if it—

(a)

is a regulated credit agreement for the purposes of Chapter 14A of Part 2 of the Regulated Activities Order; and

(b)

is not an agreement of the type described in Article 3(1)(b) of Directive 2014/17/EU of the European Parliament and of the Council of 4th February 2014 on credit agreements for consumers relating to residential immovable property.”.

In section 55C^f3 (copy of draft consumer credit agreement), in subsection (4)(c), after “£60,260” insert “and which is not a residential renovation agreement”.

In section 60^f4 (form and content of agreements), in subsection (5)(c), after “£60,260” insert “and which is not a residential renovation agreement”.

In section 61A^f5 (duty to supply copy of executed consumer credit agreement), after subsection (6) insert—

“(6A)

An agreement is not an excluded agreement by virtue of subsection (6)(b)(ii) if it is a residential renovation agreement.”.

In section 66A^f6 (withdrawal from consumer credit agreement), in subsection (14)(a), after “£60,260” insert “, other than a residential renovation agreement”.

In section 75A^f7 (further provision for liability of creditor for breaches by supplier), in subsection (6)(b), after “£60,260” insert “and is not a residential renovation agreement”.

In section 77B^f8 (fixed-sum credit agreement: statement of account to be provided on request), in subsection (9)(c), after “£60,260” insert “and which is not a residential renovation agreement”.

In section 189^f9 (definitions), in subsection (1), after the definition of “representation” insert—

• ““residential renovation agreement” means a consumer credit agreement—

  1. (a)

     which is unsecured; and

  2. (b)

     the purpose of which is the renovation of residential property, as described in Article 2(2a) of Directive 2008/48/EC of the European Parliament and of the Council of 23rd April 2008 on credit agreements for consumers^f10.”.