After article 60A (information society services) [Inserted by S.I. 2002/1776.], insert -
"Chapter 14A Regulated Credit Agreements
60B. Regulated credit agreements
(1) Entering into a regulated credit agreement as lender is a specified kind of activity.
(2) It is a specified kind of activity for the lender or another person to exercise, or to have the right to exercise, the lender's rights and duties under a regulated credit agreement.
(3) In this article -
"credit agreement" means an agreement between an individual or relevant recipient of credit ("A") and any other person ("B") under which B provides A with credit of any amount;
"exempt agreement" means a credit agreement which is an exempt agreement under articles 60C to 60H;
"regulated credit agreement" means any credit agreement which is not an exempt agreement.
60C. Exempt agreements: exemptions relating to the nature of the agreement
(1) A credit agreement is an exempt agreement for the purposes of this Chapter in
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