(This note is not part of the Regulations)

These Regulations implement article 5.1 to 5.5, and article 6.4 of Directive 2008/48/EC of the European Parliament and of the Council on credit agreements for consumers (OJ No. L133, 22.5.2008, p.66) They also implement the pre-contractual information requirements in articles 3.1 to 3.3 and 5.2 of Directive 2002/65/EC of the European Parliament and of the Council concerning the distance marketing of consumer financial services and amending Council Directive 90/61/EEC and Directives 97/7/EC and 98/27/EC in their application to consumer credit agreements (OJ No.L271, 9.10.2002, p.16.).

Regulation 2 sets out the scope of application of the Regulations and provides an option for creditors of agreements for credit exceeding £60,260, agreements secured on land, agreements entered into wholly or predominantly for the purpose of a debtor's business, or agreements made before 1st February 2011 to comply with the pre-contract credit information disclosure requirements. However, the Regulations do not apply to distance contracts entered into wholly or predominantly for the purpose of a debtor's business.

Regulation 3 applies to consumer credit agreements other than telephone contracts, nontelephone distance contracts, excluded pawn agreements and overdraft agreements. It sets out the pre-contract credit information which is required to be disclosed to a debtor in good time before an agreement is entered into.