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You are viewing the version of the document as on 2022-05-28.

borrower

  1. 48(1) in accordance with article 60L of the Regulated Activities Order, in relation to a credit agreement other than a regulated mortgage contract, a person who receives credit under a credit agreement or a person to whom the rights and duties of a borrower under a credit agreement have passed by assignment or operation of law.49
  2. (2) in relation to a P2P agreement other than a credit agreement or a regulated mortgage contract:6349
    1. (a) an individual who receives credit under a P2P agreement and under which the lender provides credit to the individual of less than or equal to £25,000 or the agreement is not entered into by the individual for the purposes of a business carried on by the individual; or63
    2. (b) an individual to whom the rights and duties of a borrower under a P2P agreement have passed by assignment or operation of law, where the agreement is for the provision of credit of less than or equal to £25,000 or is not, and was not when entered into, wholly or predominantly for the purposes of a business carried on or intended to be carried on by the individual or a former borrower.63
  3. 54(3) (in relation to debt collecting and debt administration (and so far as relevant to those activities in relation to article 64 (agreeing to carry on a regulated activity) of the Regulated Activities Order)) "borrower" includes, in addition to the persons in (1), any person providing a guarantee or an indemnity under the credit agreement and a person to whom the rights and duties of a person providing a guarantee or an indemnity have passed by assignment or operation of law.