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You are viewing the version of the document as on 2021-10-04.

credit

  1. (1) (except in relation to a class of contract of insurance174,174 a credit-related regulated activity and an MCD credit agreement174) any kind of loan, deferment of repayment of any loan or of interest on any loan, guarantee or indemnity, and any other kind of accommodation or facility in the nature of credit.
  2. (2) (in relation to a class of contract of insurance) the class of contract of insurance, specified in paragraph 14 of Part I of Schedule 1 to the Regulated Activities Order (Contracts of general insurance), against risks of loss to the persons insured arising from the insolvency of debtors of theirs or from the failure (otherwise than through insolvency) of debtors of theirs to pay their debts when due.
  3. 157(3) (in relation to a credit-related regulated activity174,174 operating an electronic system in relation to lending 168 or an MCD credit agreement174) includes a cash loan and any other form of financial accommodation, but an item entering into the total charge for credit is not treated as credit even though time is allowed for its payment.