After section 16 of the 1974 Act insert -
"16A Exemption relating to high net worth debtors and hirers
(1) The Secretary of State may by order provide that this Act shall not regulate a consumer credit agreement or a consumer hire agreement where -
(a) the debtor or hirer is a natural person;
(b) the agreement includes a declaration made by him to the effect that he agrees to forgo the protection and remedies that would be available to him under this Act if the agreement were a regulated agreement;
(c) a statement of high net worth has been made in relation to him; and
(d) that statement is current in relation to the agreement and a copy of it was provided to the creditor or owner before the agreement was made.
(2) For the purposes of this section a statement of high net worth is a statement to the effect that, in the opinion of the person making it, the natural person in relation to whom it is made -
(a) received during the previous financial year income of a specified descriptio