Schedule 3, Part 12 Amendment of Consumer Credit Act 1995

1.

Section 2

(a) In subsection (1), insert the following definition after the definition of "borrower":

"‘business' includes trade and profession;";

(b) in subsection (1), substitute the following definition for the definition of "consumer":

"‘consumer' means—

(a) a natural person acting outside the person's business, or

(b) any person, or person of a class, declared to be a consumer in an order made under subsection (9);";

(ba) in subsection (1), to substitute the following definition for the definition of "housing loan":

"‘housing loan' means—

(a) an agreement for the provision of credit to a person on the security of a mortgage of a freehold or leasehold estate or interest in land—

(i) for the purpose of enabling the person to have a house constructed on the land as the principal reside