(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) it is a borrower-lender agreement,
(b) the lender is a credit union and the rate of the total charge for credit does not exceed 42.6 per cent, and
(c) paragraph (2A) applies to the agreement.
(2A) This paragraph applies to the agreement if -
(a) the agreement is not one to which subsection (2) of section 423A of the Act applies;
(b) the agreement is one to which that subsection applies and -
(i) the agreement is one to which subsection (3) of that section applies,
(ii) the agreement is a bridging loan, or
(iii) in relation to the agreement -
(aa) the borrower receives timely information on the main features, risks and costs of the agreement at the pre-contractual stage, and
(bb) any advertising of the agreement is fair, clear and not misleading; or
(c) the agreement was entered into before 21st March 2016.
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