Regulation 2

The Consumer Credit (Termination of Licences) Regulations 1976 [S.I. 1976/1002.] are hereby amended as follows: -

(a) in Regulation 1(2) for the definition of "period of deferment" there shall be substituted -

""period of deferment" means the period specified in Regulation 3(1) or (2), as the case may be"

(b) for Regulation 3 there shall be substituted the following Regulation: -

"3.

(1) Except as provided in paragraph (2) below, the termination of a licence by section 37(1) of the Act or under regulation 2 of these Regulations shall be deferred for a period of twelve months beginning with the date of the terminating event.

(2) The termination of a licence on the occurrence of the event specified in paragraph 11A of the Schedule shall be deferred for a period of one month beginning with the date of that event.

(3) The period referred to in paragraph (1) or (2) above, as the case may be, is hereinafter referred to as the "period of deferment".";

(c) in Regulation 6 after "person" t