(1) This Act does not regulate a consumer credit agreement if, at the time the agreement is entered into, any sums due under it are secured by a land mortgage on land where the condition in subsection (2) is satisfied.
(2) The condition is that less than 40% of the land is used, or is intended to be used, as or in connection with a dwelling -
(a) by the debtor or a person connected with the debtor, or
(b) in the case of credit provided to trustees, by an individual who is the beneficiary of the trust or a person connected with such an individual.
(3) For the purposes of subsection (2) the area of any land which comprises a building or other structure containing two or more storeys is to be taken to be the aggregate of the floor areas of each of those storeys.
(4) For the purposes of subsection (2) a person is "connected with" the debtor or an individual who is the beneficiary of a trust if he is -
(a) that person's spouse or civil partner;
(b) a person whose relationship with that