Regulation 10 Costs incurred on behalf of loan purchasers

For regulation 13D, substitute—

“13D.

(1)

Where the Secretary of State incurs reasonable costs or expenses in taking steps to–

(a)

serve an Information Notice on a borrower under regulation 13B(1),

(b)

serve a Penalty Notice on a borrower under regulation 13C(4), or

(c)

obtain the information requested in an Information Notice served under regulation 13B(1),

the Secretary of State may require the reimbursement of those costs or expenses by the borrower and may add them to the borrower’s loan account.

(2)

Where the Secretary of State incurs such costs or expenses as are referred to in paragraphs (1)(a) to (c) in respect of a transferred loan, the Secretary of State is entitled to recover such costs and expenses as are incurred on behalf of the loan purchaser and may add them to the borrower’s loan account.

(3)

Any sum added to the borrower’s loan account in accordance with paragraph (2) is owed to the loan purchaser.”.