(1) The Consumer Credit Act 1974 [1974 c. 39.] is amended as follows.
(2) In section 16 (exempt agreements) [Subsection (6B) was inserted by s. 22(3) of the Housing and Planning Act 1986 (c. 63) and amended by the Housing Act 1988 (c. 50), Sch. 17, Part I, para. 20, and by the Government of Wales Act 1998 (c. 38), Sch. 18, Part VI.], after subsection (6B) insert -
"(6C) This Act does not regulate a consumer credit agreement if -
(a) it is secured by a land mortgage; and
(b) entering into that agreement as lender is a regulated activity for the purposes of the Financial Services and Markets Act 2000.
(6D) But section 126, and any other provision so far as it relates to section 126, applies to an agreement which would (but for subsection (6C)) be a regulated agreement.
(6E) Subsection (6C) must be read with -
(a) section 22 of the Financial Services and Markets Act 2000 (regulated activities: power to specify classes of activity and categories of investment);
(b) any order for the t