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  2. Point in time
    2024-12-21

credit agreement

149(1) (other than in DISP Appendix 3)209 in accordance with article 60B of the Regulated Activities Order, an agreement between an individual ("A") and any other person ("B") under which B provides A with credit of any amount.

209(2) (in DISP Appendix 3) has the same meaning as “credit agreement” for the purposes of sections 140A to 140C of the CCA which is, in summary, an agreement which meets the following conditions:

  1. (a) it is between an individual (the “debtor”) and any other person (the “creditor”) under which the creditor provides the debtor with credit of any amount; and
  2. (b) an order under section 140B of the CCA could be made in relation to it. In summary, orders can be made under section 140B of the CCA in relation to credit agreements except where:
    1. (i) the exclusion under section 140A(5) of the CCA applies (this relates to regulated mortgage contracts and regulated home purchase plans); or
    2. (ii) the agreement was made before 6 April 2007 and became a completed agreement before 6 April 2008.

For the avoidance of doubt, the reference in (2)(b) to agreements in relation to which orders may be made under section 140B is a reference to such agreements as affected by amendments to enactments that took effect up to and including 23 February 2017.