Regulation 140 Article 60G (exempt agreements: exemptions relating to the total charge for credit)C1I1
United Kingdom
Article 60G M1 (exempt agreements: exemptions relating to the total charge for credit) is amended as follows.
In paragraph (2A)(a) M2, for “of a type described in Article 3(1) of the mortgages directive” substitute “ one to which subsection (2) of section 423A of the Act applies ”.
In paragraph (2A)(b)—
for “of such a type” substitute “ one to which that subsection applies ”;
in paragraph (i), for “of a kind to which the mortgages directive does not apply by virtue of Article 3(2) of that directive” substitute “ one to which subsection (3) of that section applies ”;
in paragraph (ii) omit “within the meaning of Article 4(23) of the mortgages directive”.
In paragraph (8) M3, for “of a type described in Article 3(1) of the mortgages directive” substitute “ to which subsection (2) of section 423A of the Act applies ”.
After that paragraph insert—
“(9)In this article “bridging loan” means a mortgage agreement that—
(a)is of no fixed duration or is due to be repaid within 12 months, and
(b)is used by a consumer, within the meaning given by section 423A(4) of the Act, as a temporary financing solution while transitioning to another financial arrangement for the immovable property concerned.”.
Annotations
Marginal citations
- M1
Article 60G was inserted by S.I. 2013/1881.
- M2
Paragraph (2A) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.
- M3
Paragraph (8) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.
Modifications
- C1
Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)
Commencement
- I1
Reg. 140 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)