# The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Regulation 140: Article 60G (exempt agreements: exemptions relating to the total charge for credit)

Extent: E+W+S+N.I.

(1) Article 60G (exempt agreements: exemptions relating to the total charge for credit) is amended as follows.
(2) In paragraph (2A)(a) , 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 ”.
(3) In paragraph (2A)(b)—
(a) for “of such a type” substitute “ one to which that subsection applies ”;
(b) 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 ”;
(c) in paragraph (ii) omit “within the meaning of Article 4(23) of the mortgages directive”.
(4) In paragraph (8) , 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 ”.
(5) 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.”.

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Source: https://www.legislation.gov.uk/uksi/2019/632/regulation/140 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-140
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.