3.1 The first consideration is what are the basic definitions that determine what can be covered by Act 74. In particular, the ACF rules introduce an explicit definition of affordability risk. It specifies the factors that must be taken into account, namely that this exemption is not possible for staggered payment if the agreement to accept this payment was concluded after the cancellation of the debt. This is because the exemption applies only to “borrower-lender provider agreements” and not to refinancing agreements for existing debt. 4.31 Independent consumer credit contracts must comply with the provisions of the Unfair Relations Act 1974 which may, in a consumer credit contract, reflect “unfair” clauses or an unfair way of enforcing or not applying clauses, in the case of one and another. This is a very broad margin of appreciation. the person who leases or leases in Scotland, as part of a regulated consumer lease, the borrower or the borrower`s relative, enters into the transaction in order to induce the lender to enter into the main agreement or for other purposes related to the main agreement or a transaction that will be financed or financed by the main agreement. 4.19 AH-S states in its book that “borrower-lender-supplier agreements” are those in which funds are released to enable the purchase of a given asset provided by a supplier. However, the supplier can also be the lender, so it is either a two- or three-part agreement. On the other hand, the agreement between the borrower and the lender allows the lender to do what it wants with the money to which the money is paid. There is not a single licensed supplier. 4.7 Section 60C exempts agreements for which the amount of credit is greater than $25,000 and the loan is granted as part of the borrower`s activity.
8. For the purposes of defining the concept of a credit contract relevant to the acquisition of land, a transaction, unless paragraph 9 applies, is a “related transaction” in relation to a credit contract (“primary contract”) where the person making loans under a credit contract or a rate credit contract is exempt from the FCA`s authorization if he meets all the following criteria. If you would like to offer financing on other conditions, please email us. There is another exclusion (in section 60F of the 2001 regulation) relating to staggered payment. This exemption applies only to agreements between borrowers, lenders and suppliers for fixed-amount loans for which the credit must not be repaid in more than 12 installments within 12 months of the date of the agreement, without interest or fees (and without lease-sale and conditional sales contracts).