(1) A credit agreement is an exempt agreement for the purposes of this Chapter in the following cases.
(2) A credit agreement is an exempt agreement if-
(a) by entering into the agreement as lender, a person is or was carrying on an activity of a kind specified by article 61(1) (entering into regulated mortgage contracts);
(b) by entering into the agreement as home purchase provider, a person is or was carrying on an activity of a kind specified by article 63F(1) (entering into regulated home purchase plans); or
(c) by administering the agreement on 21st March 2016 a person is carrying on an activity of a kind specified by article 61(2) (administering regulated mortgage contracts).
(3) A credit agreement is an exempt agreement if -
(a) the lender provides the borrower with credit exceeding £25,000, and
(b) the agreement is entered into by the borrower wholly or predominantly for the purposes of a business carried on, or intended to be carried on, by the borrower.
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