Article 2 Variation of consumer credit regulated agreementsI1

Section 82 of the Consumer Credit Act 1974^f1 (variation of agreements) is amended as follows.

After subsection (2) insert—

“(2A)

Subsection (2) does not apply if the modifying agreement is an exempt agreement as a result of section 16(6C).”.

In subsection (3) for the words from “unless” to “regulated agreement” substitute—

• “unless the modifying agreement is—

  1. (a)

     for running account credit; or

  2. (b)

     an exempt agreement as a result of section 16(6C),

  it shall be treated as a regulated agreement.”.

After subsection (5) insert—

“(5A)

Subsection (5) does not apply where the modifying agreement is an exempt agreement as a result of section 16(6C).”.