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Paragraph 2

Original text. Later amendments are not shown.

(1)

The period over which repayment is to be made shall be—

(a)

three years, in respect of a loan of less than £1,500;

(b)

five years, in respect of a loan of £1,500 or above but less than £5,000;

(c)

ten years, in respect of a loan of £5,000 or above;

or, at the option of the borrower, a shorter period.

(2)

For ascertaining the period of repayment, the amount of the loan is the aggregate of the amount of the loan made in pursuance of the right to a loan under regulation 2 and the amount of any loan made under regulation 5 in respect of any part of the service charge which does not qualify for a loan in pursuance of the right.