Contents
1Citation and commencement#
(1)These Regulations may be cited as the Consumer Credit (Amendment) (EU Exit) Regulations 2018.
(2)These Regulations come into force on exit day.
2The Consumer Credit Act 1974#
(1)The Consumer Credit Act 1974 note is amended as follows.
(2)In section 98A (termination etc. of open-end consumer credit agreements) note, in subsection (5)(a), for “an EU obligation” substitute “ a retained EU obligation ”.
(3)In section 157 (duty to disclose name etc. of agency), in subsection (2A)(b) note, for “any EU obligation” substitute “ a retained EU obligation ”.
3The Consumer Credit (Disclosure of Information) Regulations 2010#
(1)The Consumer Credit (Disclosure of Information) Regulations 2010 note are amended as follows.
(2)In regulation 11(1)(a) omit “European Consumer Credit Information”.
(3)In Schedule 1—
(a)omit “(Standard European Consumer Credit Information)” after the Schedule heading;
(b)in table 5, in section (a) of the table, in the first column, in the entry commencing “The creditor's representative”, for “your Member State of residence” substitute “ the United Kingdom ”.
(4)In Schedule 3—
(a)for the heading substitute “ Pre-contract Consumer Credit Information (Overdrafts) ”;
(b)in table 5, in section (a) of the table, in the first column, in the entry commencing “The creditor's representative”, for “[the UK] [your Member State of residence]” substitute “ the UK ”.
4The Consumer Credit (Green Deal) Regulations 2012#
In regulation 2 of the Consumer Credit (Green Deal) Regulations 2012 note, in the definition of “replacement interest”, omit “, further to the third paragraph of Article 16(4)(b) of Directive 2008/48/EC of the European Parliament and of the Council on credit agreements for consumers,”.
5The Financial Services Act 2012 (Consumer Credit) Order 2013#
In Article 3 of the Financial Services Act 2012 (Consumer Credit) Order 2013 note, omit paragraph (6).
6Transitional provisions#
(1) For a period of five months beginning on IP completion day the Consumer Credit (Disclosure of Information) Regulations 2010 (“the 2010 Regulations”), as amended by regulation 3 of these Regulations, are subject to the modifications specified in this regulation.
(2)Information is, for the purposes of regulation 8(1), to be treated as being disclosed by means of the form contained in Schedule 1 where the information is disclosed in the form specified in Schedule 1 to the 2010 Regulations with the modifications specified in paragraph (4).
(3)The right conferred by regulation 9(2) is to be construed accordingly.
(4)The modifications referred to in paragraph (2) are that—
(a)the form has at the beginning as a heading “(Standard European Consumer Credit Information)”; and
(b)in table 5, in section (a), in the first column, in the entry commencing “The creditor's representative” for “the United Kingdom” substitute “ your Member State of residence ”.
(5)Information is, for the purposes of regulation 11(1)(a), to be treated as being disclosed by means of the form set out in Schedule 3 where disclosure is made by means of the form set out in Schedule 3 to the 2010 Regulations with the following modification.
(6)This modification is that in table 5, in section (a), in the first column, in the entry commencing “The creditor's representative” for “the UK” substitute “ [the UK] [your Member State of residence] ”.
Contains public sector information licensed under the Open Government Licence v3.0.